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Some Bay Area housing stats:
Prices went up 43% last year alone on avg.
Prices are up over 5% just the last month alone in the Silicon Valley
counties.
This insane mania is being watched very closely by the Federal Reserve, who
I can't say enough bad things about.
My wife is a CFP and recently had the SF Fed Governor give a speach at the
regional financial planning meeting.
He said that the Fed is concerned about the Bay Area housing prices and are
watching them closely (watching them go up, and the banks take on greater
and greater risk, that is -- setting the table for the next big string of
bank failures, and government/tax payer bail-outs).
----- Original Message -----
From: "Clyde Lee" <clydelee@xxxxxxx>
To: <jptaylor@xxxxxxxxxxxxxxx>; <realtraders@xxxxxxxxxxxxxxx>
Sent: Sunday, June 04, 2000 7:59 PM
Subject: Re: [RT] Re: Economy and high housing prices
> Try Houston, Texas at the end of any one of a number of
> Oil booms we have had here.
>
> Today the boom is technology -- not as bad as in Bay
> area but a friend of mine who gave up on the oil business
> is building $500,000+ homes and cannot build them fast
> enough to meet the demand.
>
> I've lived in the same 1900 sq ft townhouse for 30 years
> and seen this thing go from $30,000 to $90,000 to $60,000
> to $125,000 to $80,000 to $140,000 with the waxing and
> waning of the oil economy.
>
> Yeah, it will happen but it takes a while generally for the
> slide to complete.
>
> Clyde
>
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> Clyde Lee Chairman/CEO (Home of SwingMachine)
> SYTECH Corporation email: <clydelee@xxxxxxx>
> 7910 Westglen, Suite 105 Work: (713) 783-9540
> Houston, TX 77063 Fax: (713) 783-1092
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>
> ----- Original Message -----
> From: "James Taylor" <jptaylor@xxxxxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Sunday, June 04, 2000 21:32
> Subject: [RT] Re: Economy and high housing prices
>
>
> > This is PURE nonsense.
> >
> > When (not if) the layoffs begin en-masse in the Bay Area, the prices
> will
> > fall like a stone, just like they did during the last recession.
> >
> > As it is, the number of greater-fools willing to shell out $400-$600K
> for a
> > home is drastically shrinking.
> >
> > Anyone buying into this hype and paying these outlandish prices
> deserves
> > what they get when the bottom drops out.
> >
> >
> > JT
> >
> >
> > ----- Original Message -----
> > From: "Michael Ferguson" <wl7bdn@xxxxxxxxxxxxx>
> > To: <realtraders@xxxxxxxxxxxxxxx>
> > Sent: Saturday, June 03, 2000 3:02 PM
> > Subject: [RT] Re: Economy and high housing prices
> >
> >
> > > My take on this is that there is a golden opportunity there.
> > >
> > > 1. Growing demand.
> > > 2. Stagnant to shrinking supply.
> > >
> > > Create a private school/day care chain to satisfy the demand. In
> fact, I
> > saw
> > > a very intelligent person on CNNfn this winter who is doing exactly
> that,
> > > targeting fortune 500 company headquarters locations and doing a
> landrush
> > > business.
> > >
> > > Michael
> > >
> > >
> > >
> > > ----- Original Message -----
> > > From: "JW" <JW@xxxxxxxxxxxx>
> > > To: <realtraders@xxxxxxxxxxxxxxx>
> > > Sent: Saturday, June 03, 2000 01:41
> > > Subject: [RT] Economy and high housing prices
> > >
> > >
> > > | Here's an interesting column from a local reporter for the San
> > > | Francisco Chronicle on the other effects of [our] high housing
> costs
> > >
> > >
> > > |
> > > | The end result is that housing will always go up in price. The
> demand
> > > | for housing always will outstrip the supply, barring a concerted
> and
> > > | sustained public and private effort. Such an effort is not only
> > > | unlikely, but would transform this area into something so foreign
> to
> > > | what it is now that it would become undesirable.
> > >
> > >
> > > |
> > > | The cost of private schools on the Peninsula has skyrocketed in
> the
> > > | last five years, in keeping with the huge demand for the very few
> > > | openings such schools offer every year.
> > >
> > >
> > > | There is not enough top-quality child care to go around. Parents
> of
> > > | small preschool children say the situation has become a nightmare.
> > >
> > >
> > >
> > >
> > >
> >
> >
> >
>
>
>
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