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The Masked Tulip

Northeast Of Silicon Valley, Recession's Effects Are Magnified

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Interesting article in the LA Times about falls in house prices to the North of Silicon Valley... although not in Silicon Valley...

http://www.latimes.com/business/la-fi-inland-20100809,0,7550167.story?track=rss

As in Southern California's Inland Empire, investors have taken over some of these properties, changing the texture of the neighborhood.

Standing on the front lawn of his Weston Ranch house, where rosebushes climb up trellises, resident Ruben Modesto showed a visitor the homes that had been foreclosed on in the last few years.

"One, two, three, four, five, the one on the corner makes six, seven, eight nine, 10," he said, pointing up and down the block. Across the street, a gaggle of children sat on a shopping cart. Modesto said renters, including low-income families with federal housing assistance, have moved into the neighborhood.

He's not sure whether he and his wife will be able to stay in their home. She recently lost her job, and their financial advisors have told them to walk away. They paid $450,000 for the house. It's now worth about $120,000.

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They paid $450,000 for the house. It's now worth about $120,000.

Now that's a crash.....

Sad for the "owners" but at least they can walk away and not be liable for the amount not recovered against the mortgage when sold by the bank.

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Interesting that even in California low-income families get housing assistance.

I like the phrase "changing the texture of an area" - seen that alot in London i the past when empty blocks of flats get sub let to the Local Authority :rolleyes: "

Edited by skomer

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Wow - I can get a job in Silicon Valley no probs... with house prices low like that maybe I'm best off over there! But then there's the Americans...

House prices in silicon valley are ludicrous still - cheaper than they have been but still ludicrous... but unless the US outsources all the tech work then the area will maintain prices long-term I guess.

Many people I know who work there live well outside of the valley - north of Oakland and so on... to be frank, the valley itself is a pretty miserable place to live IMPO... - but that 60 minute commute is a nightmare on the roads... the train and tube from Oakland into the valley is really good though... but it is an hour or 90 minutes each way... Ouch...

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You are correct - I guess what I meant is that there are more electronics jobs here than there, in general..

And I hear it ain't a great place, with a horrible commute as suggested above.

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  • 152 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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