Quote:
Originally Posted by Magilla Gorilla
California has been hit hard by the recession but there are areas throughout the country that are affected much less. Santa Barbara has not been affected as much by the down real estate market. It is hard to find a nice 3 bedroom 2 bath 1500 square foot home for under $800,000 (you don't get a lot for your money). The market here is really stupid! Being a financial planner, I would be foolish to be upside down in my home. One reason the country is in a recession is that people over-extended them selves by buying homes they can't afford, taking equity out to purchase cars and crap and live paycheck to paycheck. Sorry if I am coming off strong. Your comment is to general. Not all of us are feeling the recession!
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Prices have not dipped much here and they keep saying on the radio we were in one of the lucky areas of the country. Yet until recently every time I went out for a walk with the dog there was another house for sale and quite a few that were up more than a year. I've seen 3-4 sell recently but it appears a lot of the others just eventually decided not to sell.
Those crazy prices over in CA were part of the problem in the first place my house was $140k new in 2001 for 2381sf. A friend of mine just came back from somewhere in CA where some of his friends with $800k homes can't get even 400k now.