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Morning Briefing: California realtors highlight affordability crisis

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Mortgage Professional America | 21 Aug 2015, 04:57 AM Agree 0
California realtors highlight affordability crisis… Mortgage rates edge lower… Beverly Hillbillies star’s former home sells for $5 million…Wells Fargo is largest commercial/multifamily mortgage firm…
  • Arne Englehart | | 21 Aug 2015, 07:47 AM Agree 0
    I thought I learned in Econ. 101 the rule of supply and demand. Seems that prices will decline when the sellers will remember it too.
    BADA BOOM! No buyers, Price decline when they can afford.
  • anonimus | | 21 Aug 2015, 08:53 AM Agree 0
    Impose a flippers tax on each sale. 90% on anything flipped within one year of purchase. 80% the second year then 10% less each year until the tax drops at 6 years.
    This would not effect sincere owner/occupant home buyers.
    No more artificial bubbles in the residential market.
  • Denis | | 21 Aug 2015, 09:19 AM Agree 0
    Bad idea. Capitalism and risk taking is not the problem in California. California is burdened by misguided politicians.
  • Brad | | 21 Aug 2015, 09:45 AM Agree 0
    People are simply desiring to live in more desirable locations in the current economy. 10 years ago and beyond, people stayed where they were raised to be with their family. Technology is allowing people to live anywhere and not miss their family - "Facetime". Couple this with the fact that over the last 30 years trade schools have been shunned and people have been pushed through the "college regime" - we have a serious lack of tradespeople in this country. There are not enough people to build the homes our population is necessitating. These two things are not going to change anytime soon...
  • Alex Dadourian | | 21 Aug 2015, 03:02 PM Agree 0
    When it comes to the laws of economics, most California Politicians are illiterate. The excessive "protection" of the environment has created an anti-growth policy. It takes forever to build anything new in the Los Angeles area thanks to the utterly complicated permits process
    (Hence the California remodeling system). With an increasing population, if construction does not catch up, if developers are constantly vilified by Hollywood and the Greens, then home prices will keep going higher and higher. Politicians can pass laws but CANNOT repeal
    the laws of Supply and Demand. It has never worked anywhere in the world. Wake up, California!
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