Remember when the real estate bubble burst in 2008? Everybody was soooooo angry at the banks for their greed and taking advantage of people. The government came in and wagged their finger with a stern tisk-tisk and that was about it. The industry tightened things for a while with new assessments to determine if prospective buyers could repay their mortgages, but soon after banking went back to business as usual.
In January of 2014 banking regulators changed the more stringent rules after the real estate lobby and some consumer groups claimed that millions of Americans would not be able to qualify for housing loans.
Did you know that? My guess is no.
It finally makes sense. I could not figure how housing values could escalate so quickly after sharp depreciation. Did median income levels rise? No. Was the county adding jobs that could justify the leap in values? No. Again, I smell something rotten in Denmark. What's driving this illusion that the economy has changed for the better?
Everybody in the California Bay Area thinks that God Google and his disciples Yahoo and Oracle are going to pave the streets with gold and create Utopia for all.
Not.
Unless you live in the Google compound where working 24/7 eating, sleeping, breathing, and constant monitoring you're screwed. The few monied kaBillionaires have presented this false expectation that anybody who can write code can write their own tech success story. Everybody is a Steve Jobs wannabe and even fewer attain that status. Nobody can afford to live on the wages the tech gods pay which is surprisingly lower than everybody thinks. Technology and the associated jobs no longer need to be centralized in one geographical area. Remember that.
Which gets me back to the housing and tech bubble that is about to burst again.
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