Thursday, August 16, 2007

Terminal Velocity

I was checking up on the latest market news when I spied this article. I would almost be willing to bet, if this guy stays in California, he will end up in Sacramento. Only those coming from more expensive areas can "afford" to move here. Many of those that have been living here for some time are tapped out/fed up and moving on. In my small circle of friends and acquaintances here in the Sacramento area, quite a few seem to be packing for less expensive areas (for the same or better job quality).

Last month I was getting a bit depressed about our personal situation because prices didn't seem to be moving much. Looks like we have reached terminal velocity and I am just praying the nation survives the trip.


Sippn said...

Even the writer said it - "get a life"

A classic "failure to launch"

mr big said...

Sacramento is toast.You have an economy based on government leaches and real estate.The music has stopped and guess what, we have several bagholders trying to get out of their homes.This is a classic bubble just starting to implode.Now I know why the real estate industry has such a bad reputation.They will screw over their mothers for a sale.

Caveat emptor my friends!!!!!!

Cmyst said...

Or, the kid could rent.
Why is this such a distasteful thought to the young? I thought that was what young people starting out on their own did: rent.

Giacomo said...

Exactly, cmyst.
I rented into my 30's, at which point my income and the housing market synced up to make buying a good option. But for a young adult in California today, the math should be simple: it's great time to rent, save, and put off worrying about a buying into real estate.
Job one: get out of your mama's house.