Quote:
Originally Posted by Evans, Marv
If they want to move to S.D., they might need all of their sale price. The average house is now $860K supposedly. We have friends building their home and saved enough to pay for the construction. With the price of wood and materials, they will have to take out a loan to finish the build. When Prop. 13 went into effect, my former wife & I had a smallish two bedroom home in a decent neighborhood and paid $867/yr. peoperty tax at the time. After Prop. 13, we paid$4xx/yr. Right now we pay $7K+/yr. which is sort of normal I guess. If Prop. 13 goes, all hell will break loose.
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That will spell death for out economy. Housing market will come to a dead stop. If these people have their head up their ass far enough to not remember the last glue that held the economy through its down turn was the housing market. Most homes only dropped a small percentage in older, established neighborhoods. The inland empire and the desert community got hit very hard. All hell will break loose is correct.