Letters to the Editor
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Why do you all sound retarded?
America is not coming to an end. Millions of people aren't going to emigrate to Mexico. And it generally takes a few years to whittle down the excess inventory of housing stock. A few YEARS. And if so then why is it such a bad thing for prices in Palo Alto and other insane markets to come down? Isn't it silly that people who earn $100,000/year have to live 2 hrs from their job?
Take at look at the crazy market on Long Island, NY. Everyone there will tell you they're sitting on a million dollar home. Of course the only people who would ever pay that are other people living there, who would sell their own million dollar home to some other person who lives near them and so on. Unless prices came down 40% then LI is doomed to become a ghost town of nothing but old people trapped in their homes waiting to die. No kids, no schools, no nothing. And since most taxable entities look at the value of a home when it transfers, if the homes don't sell and all the gains are unrealized then all the towns and counties in those areas tend to lose large amounts of tax funds they already planned for.