Last login: Monday, January 10, 2011
I think it's interesting that a local contractor who was in the "top 2% income bracket" a few years ago is now complaining about banks not loosening lending requirements. The banks are "greedy"? Pot meet kettle?
There's something inherently wrong in the housing system if contractors are making top 2% income bracket. Perhaps instead of complaining about mitigation fees, contractors could consider lowering their own profit margins and building healthier market psychology where houses = shelter and longterm investments, like house have traditionally been viewed, rather than the post-2000 view of houses as quick money.
Where are the interviews with the local residents who have been priced out of the market since 2002 and are STILL priced out because the housing price:: income ratio in California is still historically out of whack?
Why is no one talking about how much further housing prices need to fall before the market is once again sustainable? Oh yeah.. cause contractors and real estate agents and everyone tied to the building industry has too much to lose by admitting the truth. Sorry guys, the real estate gravy train has left the station for good. At least for another decade or two until we've all forgotten how our greed took us down the rabbit hole in the 2000-otts.
January 10, 2011 at 9:58 a.m.
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