It takes time for a trend to show itself. In California we are seeing more signs of the impending collapse of our economy. We have the second lowest rate of home ownership. That means fewer people are building equity for their future. When they retire, the system collapses. Then you have what we have begun seeing—the lowered value of California homes:
Thank you for reading this post, don't forget to subscribe!“In the last 12 months (to June, 2019), the national median home price (including California in the average — about 10% of all the homes in the nation) rose 5.2%, while the CA median home value dropped 1.3%.
https://www.zillow.com/ca/home-values/”High costs causing people to leave. In San Fran $250,000 gives you nothing—and $125,000 per year is considered POVERTY levels qualifying for government assistance. Until the people, not the unions and special interests, control California government, from Sacramento to City Hall, the collapse will continue.
CA has the 2nd lowest home ownership rate in the nation — and it’s going lower
Richard Rider Rants, 7/27/19
For most people in the U.S., “California dreaming” is
real. The Golden State is the most popular state in which Americans would like
to reside — in their dreams. Realty intrudes on this dream. Here’s one
reality. Posturing notwithstanding, most California politicians are extremely
anti-housing. Huge building costs are imposed — and the housing supply is
greatly restricted by local governments’ policies. As a result, CA home prices
are sky-high compared to other states. In the 2nd quarter of 2019, California
had the 2nd lowest state rate of homeownership in the country. Only NY state is
worse. And our already-low CA ownership rate is dropping even lower.
https://tinyurl.com/census-state-housing Table 3
Moreover, because of our high CA housing costs and the resulting increase in
our state’s annual net domestic out-migration to other states, CA home PRICES
are dropping compared the rest of the country. In the last 12 months (to June,
2019), the national median home price (including California in the average —
about 10% of all the homes in the nation) rose 5.2%, while the CA median home
value dropped 1.3%.
https://www.zillow.com/ca/home-values/
About Stephen Frank
The collapse many of us have been predicting, for years, is beginning to take hold. So many of the ‘earners’ who pay for the ‘takers’ have left the state, and the torrent continues unabated, the flow is apparently increasing as time goes on, there will be too few to pay for all of government, and those on the dole. Even the extremely wealthy, who are mostly immune and removed from the fray, are not enough to pay for the millions who chose not to participate in the economy, but rather suck the lifeblood out of it. Many of the wealthy have figured out how to ‘hide’ their incomes, and have second homes elsewhere where they claim primary residence, shielding them from much of the taxation, so they pay less and less as a group.
California will become Venezuela on the Pacific. It is happening right before our eyes.
The Democrates are to blame for this, they are nothing but TRASH, GARBAGE