Sonoma Housing Bubble

Pulling the cork out of Sonoma's bubbly housing foolishness

Friday, March 03, 2006

Welcome to California. You can't buy a house....

...Now go home

"For the first time since 1998, the people who relocated from California to other states outnumbered those who migrated in from other states, according to a report released by the state's Department of Finance on Thursday."

"Howard Roth, chief economist with the department, said California's housing costs discourage people from other states from moving here."

"Houses were already unaffordable, but they've become more so in the last two years. It's discouraging people from taking job offers in California."

However, while citizens from other U.S. States seem to be moving here in fewer and fewer numbers, the housing prices have done nothing to deter immigration both legal and illegal from other countries.

"Unlike the fluctuating numbers for domestic migration, immigration from other countries has been fairly consistent since 1991. It ranged from a low of 174,198 in 1995 to a crest of 290,811 in 2001."

"The report also estimated that the state netted an increase of more than 207,000 immigrants, legal and undocumented."

"In the Bay Area, Santa Clara County grew by 17,156 people, Contra Costa by 12,620 and Alameda County by 6,539. Marin County had the smallest increase, with 1,041 people."


At 3/03/2006 10:27:00 AM , Blogger marin_explorer said...

"...It's discouraging people from taking job offers in California."

Anyone care to predict a possible effect on the local Bay Area economy? Many here consider the SF Bay immune to the economic woes seen across the nation, and home prices simply reflect our continual success. Nothing to worry about: high home prices mean we're wealthy, enjoy a strong economy, and everyone wants to live here. Right? Unless of course, the cost of living shoots so high that businesses find a new location that better motivates their workers--and at less cost.

At 3/03/2006 11:19:00 AM , Blogger Rob Dawg said...

Successful businesses leave California all the time. If we had managed to keep aerospace, electronics hardware, software and now BioTech things would be different. We are hollowing out. Good place to make your mark on the world, bad place to leave your mark on the world.

At 3/03/2006 02:08:00 PM , Blogger Athena said...

well... actually, I had two offers of employment turned down recently because the guys could not stomach moving to silly valley. One lives in North Carolina and is paid at his current company a little bit less than what we would be paying. The other is in OC in a house he bought with a 3% fixed rate and said it would be assinine to sell and have to buy in silly valley.

These are not simply 2... there are many more like this. The only people that are willing to relocate are the ones who actually aren't all that established in their lives, still paying their dues and willing to rent. Anyone who owns a home in another location is reluctant to sell and move here. We just had an offer turned down two days ago from a candidate that had buyers remorse after signing- but it involved him moving from Texas where he owned his home. he would have had to maintain his family and home there, and rent here.

the one relocation success story I have had is a candidate who used to work for Apple down here, moved to Sacramento to work for them in their office there... and actually misses the Silly Valley energy. He and his wife are moving back here... but they are renters so it is no big deal to them.


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