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Laugh all U want...

Will U still be laughing when your 250K house is reapraised at 1.2M...thats a jump from $2750.00 to $15000.00 a year...How many household budgets do you think that will break? How many homes do you think will have to be sold because the owners won't be able to afford the increase? Remember a lot of those homeowners were step up owners who brought equity with them and not necessarily mega bux incomes.

If the State of CA is about to lose it's CREDIT RATING...because it can't come up with a payment on a Bond issue...somehow I don't think the legislature is going to care about being "Slaughtered" Or if they have a choich of paying the state employees or paying a bond payment...and they choose the Bond payment...all those outa work state employees are going to make a difference, just look at the disruption in services alone? Now I even give your arguement ammo, my examples are extreme what if's but to divert the fiscal crisis GOVT SPENDING in CA is going to have to be cut...that means somebody or thing has to go. What that will be I don't know? But it is going to be a drag on the economy no matter what, meaning pressure on RE prices directly or indirectly.