{"id":9315,"date":"2009-07-12T15:29:10","date_gmt":"2009-07-12T23:29:10","guid":{"rendered":"http:\/\/lukeford.net\/blog\/?p=9315"},"modified":"2009-07-12T18:16:30","modified_gmt":"2009-07-13T02:16:30","slug":"why-does-real-estate-cost-so-much-in-coastal-california","status":"publish","type":"post","link":"https:\/\/lukeford.net\/blog\/?p=9315","title":{"rendered":"Why Does Real Estate Cost So Much In Coastal California?"},"content":{"rendered":"<p>I&#8217;m reading this new book by economist Thomas Sowell &#8212; <a href=\"http:\/\/www.amazon.com\/Housing-Boom-Bust-Thomas-Sowell\/dp\/0465018807\/ref=pd_bxgy_b_img_c\">The Housing Boom and Bust<\/a>. <\/p>\n<p>From 2000 to 2005, the average home price in the United States increased by one-third. Millions of Americans began using their homes as ATMs, getting credit lines from numerous banks. Then in 2007, it all crashed.<\/p>\n<p>* One of the consequences of reselling mortgages &#8212; almost all mortgages banks make are sold to such institutions as Fannie Mae and Freddie Mac &#8212; is that banks have little incentive to be careful about the financial qualifications of people it loans money to.<\/p>\n<p>* Until 1970, home prices in California were comparable to home prices around the country. What happened?<\/p>\n<p>In the San Francisco Bay Area for example, in 2005 the median-priced home cost more than three times the national average.<\/p>\n<p><a href=\"http:\/\/www.refinancemortgagenow.net\/blog\/\/?p=4400\">MORE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I&#8217;m reading this new book by economist Thomas Sowell &#8212; The Housing Boom and Bust. From 2000 to 2005, the average home price in the United States increased by one-third. Millions of Americans began using their homes as ATMs, getting &hellip; <a href=\"https:\/\/lukeford.net\/blog\/?p=9315\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[162],"tags":[18223,18191,3640,3648,18224,32745],"class_list":["post-9315","post","type-post","status-publish","format-standard","hentry","category-economics","tag-boom-and-bust","tag-economist-thomas-sowell","tag-fannie-mae","tag-fannie-mae-and-freddie-mac","tag-financial-qualifications","tag-thomas-sowell"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=\/wp\/v2\/posts\/9315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9315"}],"version-history":[{"count":3,"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=\/wp\/v2\/posts\/9315\/revisions"}],"predecessor-version":[{"id":9318,"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=\/wp\/v2\/posts\/9315\/revisions\/9318"}],"wp:attachment":[{"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}