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Im bowing out

nick87 said:
Do you think that 1% is all were going to see? Serious question. I think it will make a difference there's people who I have a pretty good idea what they make. They go out to eat and vacation a lot more than I do. They've got to be living check to check so I would think that $300 would be a big difference. Especially with literally everything else going up in price, which probably equates to more than $300. I have no data to back this up just what I see going on.
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Fuel costs alone will take an extra 250 per month for the average family. Add in food entertainment etc to an extra 300 per month mortgage payment and it matters a lot I think. They just did a study in my town in Idaho, 75 percent of residents can not afford a home at current prices. 5 years ago 76 percent COULD afford a home. That is not a sustainable housing market. We have had a migration of Californians for 30 years. The people leaving California are typically hard workers making a very good living. A lot of the high tech companies are leaving California. Who’s staying or moving to California? The California market will correct I think and there will be a real estate bust in small and medium size western towns like mine.
 
Trap said:
Fuel costs alone will take an extra 250 per month for the average family. Add in food entertainment etc to an extra 300 per month mortgage payment and it matters a lot I think. They just did a study in my town in Idaho, 75 percent of residents can not afford a home at current prices. 5 years ago 76 percent COULD afford a home. That is not a sustainable housing market. We have had a migration of Californians for 30 years. The people leaving California are typically hard workers making a very good living. A lot of the high tech companies are leaving California. Who’s staying or moving to California? The California market will correct I think and there will be a real estate bust in small and medium size western towns like mine.
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I don’t think folks will move back if that’s what you’re saying?
 
wllm1313 said:
I don’t think folks will move back if that’s what you’re saying?
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Definitely not saying that, quite the opposite. As more and more high wage earners and high tech companies leave the overpriced California housing market will finally correct. Our prices are ridiculous and California prices are absurd. They won’t have a sustainable housing market as wealthier people and high paying companies leave. Who is moving too California? 75 percent of residents in my Idaho town can not afford a house. People moving here from places like California can sell a potato shed for 1-2 million dollars and buy 2 nice houses in Idaho. Once that market and other over priced big city markets correct we will have a real estate bust in the booming small and medium sized western towns. The only thing sustaining our markets are people moving here from those high priced markets and its mostly California. Who is moving THERE to buy a 3-4 million dollar home? Seems like nobody but a lot are moving out. Locals can’t afford housing here what happens when a Californian can’t sell his house for an absurd amount then move here? Prices have to correct
 
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