From the ever declining in quality MarketWatch:
A decade ago, the communities inland from Los Angeles became the
poster children of the housing bubble. As real estate agents urged
clients to “drive until you qualify,” the communities of Riverside
County filled with eager house-buyers who weren’t afraid of 90-minute
commutes – each way.
Then the economy crashed, jobs dried up, the
loosey-goosey mortgages people had relied on to finance their purchases
stopped cooperating, and the exurbs emptied out.
Now, that
trend seems to be back. Californians are fleeing the high-cost cities
and heading inland. Is it a sign of another bubble? Or a confirmation
that the cutthroat housing market is turning some pricey cities into
gated communities?
It isn't "price" so much "available at any price." Greater Los Angeles has gotten so crowded (dense) that there is no new infill that makes sense. No new supply.
Don't be fooled by the colors. Anything that isn't green is throughly urbanized.
12 comments:
In a large city like that with the land value that LA has, anything "infill" that remains has something really wrong with the land it sits on making it cost prohibitive to develop. Think 90% floodplain, sitting over an abandoned landfill, or inaccessible without a Sherpa guiding you.
You can knock it done and build it higher
Kali! LOL! Lets import more poverty that will fix it!
Well, today is E-day.
Good Morning!
Voted a couple of weeks ago and will be happy the election noise will be over.
Any early reports?
Guess not.
Will America use their over heated brain cell and vote socialist or nationalist. Hoping for fiscal conservatives and reduced government.
Pity there are no fiscal conservatives running.
JOLTS report from CR:
https://www.calculatedriskblog.com/2018/11/bls-job-openings-decline-to-70-million.html
7 million job openings.
6 million unemployed.
(6th consecutive month openings exceeded unemployed)
Steady voting in Illinois. Champaign.
Reported voting 2ce th numbers 400 to 800 in a Va precinct.
Yay.
I heard it again from a WalMart employee that the young are lazy unskilled and undependable. She has gone from a steady bank teller job to quitting when the old guard retired to a retail job that the corp went BK to WalMart. So the UE has to be poverty class supported solely by the government, family or friends. Interesting if they had to contribute to eat.
That deficit the new Democrat House is running... wow.
Anyway, new post.
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