The good news about the credit crisis
Original post made by Hal Bailey on Apr 14, 2008
WASHINGTON - A growing majority say they won't buy a home anytime soon. Associated Press-AOL Money & Finance poll found that more than a quarter of homeowners worry their home will lose value over the next two years. Fully one in seven mortgage holders fear they won't be able to make their monthly payments on time over the next six months.
"This is a great time to buy, but not necessarily to sell."
This story does not affect our area's home prices but it has affected growth in value for our homes. But there is good news in this crisis. For years, the most important product in Contra Costa County was home construction that scarred our open-space such as the Dougherty Valley with stucco-tacky rows of boxes. Now, the crisis has slowed such scars and box builds.
That is good news because Contra Costa County will now have to find taxable assets in new commercial and technology business development. I, for one, would like to hear our supervisor, assembly and senate candidates explain how commercial and technology business development will be encouraged in Contra Costa County.
What are your thoughts?
CDSI Research Fellowship
on Apr 15, 2008 at 7:25 am
Posted with the permission of the author
Dear Mr. Bailey,
Our credit crisis has eliminated a large pool of home buyers but has not reduced the need for housing. Quite opposite, housing for lease or rental is in demand because home purchases are seen as negative investments for at least the next three years.
Your concept of integrating work areas into residential areas is an important concept that needs to be taken to integration of technology centers, commercial facilities, retail centers and high-density housing in our areas and served by rapid public transportation.
At present, few of the cities in our region support such integration and only progressive governments such as Walnut Creek see the eventual reality of these concepts. Regional governments still imagine nothing has changed in the nature of residential real estate values and the plan is still more housing and commuting.
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