I have never written a letter to a newspaper about an article before, but I just could not contain myself after reading the one on “Bottom Feeders.”
My wife and I have been in California for three years, and have not yet gotten over sticker shock. The price of housing is a direct result of too much growth, too fast, and greed, combined with slow growth policies. The article certainly did not have California in mind when it was written.
During the last three years we have watched prices go from the absurd to the ridiculous. No matter what a neighbor sold his house for, the next one listed would raise the price $10,000. Being a buyer was a very insulting position to be in. We would look at a house that needed a great deal of work for $250,000, and the realtor would ask impatiently, didn’t we want to make an offer before the price went up. Most of the homes we looked at the price could go down 50% and the owners would still make a tremendous profit.