Reply #7: The bursting housing bubble affects everything. [View All]

[displacedtexan]

When prices soared, so did property taxes, utilities and gasoline(Thanks, BushCo!).
Higher gasoline prices caused increases in groceries and other consumer goods.

Yet, income has pretty much stayed the same.

Now, hoping to hang onto their high-priced houses, flippers are raising
rents to cover their carrying costs (Feeding The Alligator). And let's face it:
if you've got a rental property in the same neighborhood as some higher priced ones,
what are you gonna do?

California added 60,000 new real estate agents last year. What's gonna happen
when they lose their jobs-- along with the other new-hires in real estate offices
across the country?

This is a huge damned mess.

Sorry for the rant.