Comments on: Real City of Genius – Substitution effect – Culver City real estate inventory highest since 2008 as median square price declines. Selling bigger homes for less and condo sales dominate.

By: Twilightzone

Twilightzone — Mon, 19 Jul 2010 21:49:51 +0000

“You unlock this door with the key of imagination. Beyond it is another dimension: a dimension of sound, a dimension of sight, a dimension of mind. You’re moving into a land of both shadow and substance, of things and ideas. You’ve just crossed over into… the Twilight Zone. ”

You can throw all the metrics into an RHG photo-prop trash can because we are the victims of a giant Ponzi Scheme. The ‘Walls’ are the modern Kings and Nobles and we are the peasants. We have traded all of our financial freedom for security from the toobigtofail dragon. An unpayable mortgage is just the bondage the Walls want us in. A car that costs about what a home should. A student loan that may be leg irons for the rest of a peasant’s life. It’s so obvious, why can so few see it?
Yes, these CA house prices defy any logic. The whole state is crumbling in debt contraction, but folks think it’s a blip on the screen we’ll be past any day now. History may not always repeat, but it’s the only clue we have to the future and debt explosion-contraction always ends badly, and this is the MF of all debt contractions. If you think Ben, Blankfein, Sommers and the rest of the Walls have your back, you are a fool. Ironic that the governor’s psuedonym is the Terminator. Poetic justice, cuz this looks like the end of the scheme.

By: Dark Ages

Dark Ages — Mon, 19 Jul 2010 20:12:35 +0000

@Mike King
How do you see things going in the next few months. Do you believe that housing will soon stand on its own without the massive government training wheels?

By: dinwit

dinwit — Sun, 18 Jul 2010 17:26:06 +0000

An open window.

By: original thinker

original thinker — Sat, 17 Jul 2010 01:25:05 +0000

Hi, Doc.

Got another “Real Homes of Genius” for ya.
Check Blockshopper for 10322 IIona. It’s north
of Cheviot Hills park. A 2 bedroom/1 bath
1936 clapboard, 1280 sq. ft., asking $1,089,000!
That’s about $850. a square foot. I think that
beats any seller’s pipe dream you’ve dug up
in Culver City.

Thanks for the great blog.

By: PRCalDude

PRCalDude — Fri, 16 Jul 2010 22:56:53 +0000

Section 8 housing is another form of blockbusting, basically. Anyone who buys in an area with a lot of it needs their head examined. I actually don’t know what landlords get out of it because it basically ensures that their property will be worth a lot less over time. Maybe someone more knowledgeable on here can explain it.

Strivers, aspirationals – whatever you want to call them – haven’t gone broke enough yet to get the message. Just wait. Their improvident spending habits ensure that in a few years they’ll be back in with their parents and their BMW keys will be returned to the leasing office.