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Bloviating Zeppelin: Sacramento Housing Prices

Bloviating Zeppelin

(in-ep-toc'-ra-cy) - a system of government where the least capable to lead are elected by the least capable of producing, and where the members of society least likely to sustain themselves or succeed, are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers.

Thursday, October 13, 2005

Sacramento Housing Prices

This just in:

The average price of a home in Fornicalia is $500,000.

The average price of a home in Sacramento, Fornicalia is $400,000.

To qualify for a $400,000 home, you need to have an income of $120,000.

From the Washington Post:

According to a new survey of average home prices in 319 U.S. markets by real estate firm Coldwell Banker, you've got to be a millionaire to be middle-class in the Golden State.

Of the top 10 most expensive places to buy a relatively basic, 2,200-square-foot, four-bedroom, two-car garage house, nine are in California, with the priciest town being La Jolla, where that kind of home costs $1.88 million. It would cost $1.77 million in Santa Monica and $1.27 million in San Jose, No. 9 on the list. In Greenwich, Conn., the only town outside California to make the top 10, it would cost just under $1.27 million.

My question:

Who in the hell is buying homes in Fornicalia? I bought my 1200sf mountain home in 1993 for $117,000. It was last appraised at $300,000 -- new deck, new paint, etc. At that price, I honestly couldn't afford to buy back my own house at its appraised value! How soon will everyone regret their Trick Mortgage?

Where are the least expensive homes? From the WT:

Rock bottom in Killeen, Tex., where the average price is $131,328, according to Coldwell Banker.

So: is the US housing market going to crash?

The United Kingdom is experiencing its own concerns in the housing market.


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