Saturday, Aug. 19, 2006 | Articles like this should be in print in the major news outlet. I find the current housing market in California to be detrimental to everyone in this state, whether you are a homeowner or renter. Our quality of life is diminishing and our ability to compete is vanishing as a result of higher housing cost and cost of living.
I just can’t understand why the major media outlet, the Federal Reserve Bank and the federal and state government are not recognizing this problem. This bubble is not just localized but has been bubbling all over both coasts.
If you have a lawyer and a teacher finding it difficult to afford a decent home in Los Angeles, then we have a serious problem. Take a look at Santa Barbara. The city or county (can’t remember which one) is subsidizing housing for family with income less than $160,000.00. That figure is not a typo.
While I agree with you to start a revolution by making low ball offers, I find it difficult to find an agent who would go along. For now, my family and I will just let market corrects itself hoping that neither the Federal Reserve Bank nor the federal government will to intervene to delay the inevitable.