The California Housing Market (aka 'Please let me vent')

After a few years of traveling with friends through different California cities and their neighborhoods, watching the housing market intensely, I’ve noticed the phenomenon that is the real estate boom and subsequent crash. What I don’t understand is WHY?

Why would adults sign a mortgage contract they don’t comprehend? Why would adults move into a 3,000+ square foot mansion? Unless you’re a Hollywood celebrity or a business wiz with 15 kids I see no use for them. Why would a person go out and buy a big, expensive gas guzzling SUV after moving into their newly purchased overpriced home? Not to mention the jet skis, boats and, with almost certainty, expensive jewelry and couture? C’mon people. I have many, many more “why’s” but let’s keep my head from imploding.

Why would a person sign an interest only loan on a mansion that is way, WAY out of their league? Greed, plain and simple. Everyone dreams of the big mansion with the fancy cars and the Louis Vuitton bags. If you can afford it, and not many can on the salaries their making, good for you. The cities we went driving through were very small communities. I’d say between 20,000 to 50,000+ populations. Guess what? You aren’t going to find Trump-like businesses there. It’s going to be Feed and Tractor Supply stores, Wal-Mart and bottling companies. Why would you need a mansion in a small town anyway? What you also didn’t realize is that mansion you just bought, well, it needs to be heated in the winter and air conditioned in the summer. To heat or air condition a home that size takes a lot and I mean A LOT of energy. We all know a lot of energy equals a lot of money. So, how are you going to pay for your utilities?

And now you bought an oversized SUV. Gas prices have always been high and for a long time. So, don’t tell me you didn’t know or the prices just went up. Puh-leeze!

So, you have your mansion, SUV, maybe a BMW or Mercedes, and possibly a boat or jet skis but what you don’t have are curtains for your 30 windows around your house. You know who you are... the ones who put up your kids’ NASCAR or Disney bed sheets as window covers. Cute.

And after all this your mortgage just went through the first change and your $1,100 monthly payment just shot up to $3,500. Wait! Several more months go by and it shoots up again, but this time to $7,200. Why? BECAUSE YOU DIDN’T READ THE FINE PRINT! Everyone and their grandmother knows you don’t sign unless you’ve read the small print and understand it. You wanted the whole package to boost your ego, show all your friends and family, only now you’re crying because you can’t pay your mortgage and your garage or front door is getting plastered with notices.

More people invest time and effort into picking out running shoes. It’s a house people! If you’re buying something this big and important aren’t you going to make sure you know what you’re getting into? Nobody does research anymore. Their logic is “if something goes wrong the government will bail me out”. That’s what their supposed to do, right? Well, I guess you are partially correct in that ridiculous theory because the housing market is such a mess that it needs help from someone. And guess who has to pay in the end? Me and my taxes.

And all because of greedy stupid people.

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