“The national housing market is shrouded in uncertainty. But in California, there are glimmers of stability,” according to CNN.
“Home prices are rising in virtually every corner of the state. They’ve climbed for nine consecutive months, and in July posted a 10.4% gain year-over-year. That puts the state’s median price at $315,000 — nearly twice the national median of $183,000.
“And the news is even better in coastal cities.
“San Francisco posted the biggest gain of any U.S. metro over the past year, rising 14.3%. The median price there is now more than $607,000. Meanwhile, San Diego has climbed 11.2% (median price: $389,000) and Los Angeles jumped 9.2% (median price: $345,000).
“Meanwhile, Florida, Arizona and Nevada — California’s erstwhile bubble-state partners — continue to struggle. So where is the Golden State’s strength coming from?
“‘I think it comes from the fact that prices went down so far and so quick,’ said Lesley Appleton-Young, California Association of Realtors’ chief economist. ‘That left a lot of people here saying, ‘Wow, affordable California housing.’”
The rest of the article is here.
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We need to stop having an economy based on credit. Credit is future wages and time already spent. We need to start basing our economy on wages. The true job creators are workers. Money in their pockets creates demand and that demand creates more jobs and higher wages. After 200 plus years of big/ central banks controlling the stability of our economy it is time for us as a nation to move away from this paradigm.
http://publicbankinginstitute.org/
Ben, I went to the link and quickly perused it. A new concept to me. Didn’t have time now to thourghly read it all, but is thre a substantial difference in public banking and Credit Unions? in which I have most of my cash.
Ed,
Same idea but on a different scale. Public banking would allow for states or local municipalities to fund their own infrastructure projects for very low or no interests. They also don’t have share holders bottom lines or CEO’s to pay.
Ed we are moving out of the capitalist generated corporate form to a cooperative employee owned corporations. Here is the largest of its kind http://www.mondragon-corporation.com/ENG.aspx
I see. Thanks for the response and the link. Coincidentally, it’s a business model/structure I used to daydream about as a possible ‘way out’ for all my hard core gang kids in Santa Ana and others as a way to buy into a legitimate lifestyle. In fact, I think we have some major companies (or at least recognizable) that are employee owned, at least partially. That sounds like that’s similar to the idea.
Society is reaching a tipping point the rich just don’t choose to grasp. If you make enough people so desperate that they wind up in prison, soon there is no one left to pay to build, maintain, and staff the prisons. The one percent are just blythly ignoring this impending storm.
It is interesting that Texas now has 5% of its population in jail, so prisoners there outnumber the 1% by a ratio on five to one. California is close behind. For a comparison, see: http://www.november.org/razorwire/rzold/20/20019.html
Interesting statistics. Also, one of the books which I bought and recently arrived is, Texas Tough:The Rise Of America’s Prison Empire, by Ropert Perkinson. The dust cover blurb, not surprisingly, includes the comment that “so today’s mass imprisonment must be understood as a reaction to civil rights protests and desgeregation.”