[lbo-talk] Housing bubble? Sure!

[snitsnat]

At 03:02 AM 5/18/2005, joanna wrote:
>Funny thing that housing bubble. Went for a walk around the block today. I 
>live in a kind of gray area of Oakland -- the hood begins about four 
>blocks south of my apt bulding; my immediate area has become the staging 
>ground for east asian immigration: they all buy houses, pave the yard, 
>fence the property and work 20 hours a day; another half mile north, 
>respectability starts.
>
>So, I'm walking around the block and I notice a house for sale. There's a 
>poster with info stuck to the front lawn. It's a kind of good sized wood 
>slatted dog house -- 3 bedrooms 1 bath, no charm, no facade, crappy paint, 
>a few square feet of back yard, no front yard, the kitchen looks like a 
>train corridor. Asking price is $499,000.00 As Is. That's half a mil, 
>folks. The headline in today's Oakland Tribune is "The Advantages of 
>Interest-Only Loans."
>
>Housing Bubble? What Housing Bubble?

And soytin peeps think that a median salary of $66k is not really quite 
prole in San Fran. Feh.

k