Community action for housing and day laborer center (Photos)

Geez. Haven't those flunkies heard of the housing bubble? Who is building condos and lofts right now. I have an acquaintance who felt like she'd never afford anyplace with the rate of appreciation so they got an upscale condo in a nonfancy west Oakland neighborhood. Then they have to move to another state, and I thought they could sell it. It's pretty close to the Emeryville Pixar area, and right at an offramp from the Bay Bridge, yet it's on the wrong side of the freeway and no one was interested. They're going into foreclosure rather than actually owing money afterwards due to price depreciation.

The Bay area as well as NYC are two spots defying the national trend - where it was inevitable that prices would need to drop because it's essentially a pyramid scheme where you run out of people who can afford a loan, even a non-documented loan. Secondly, middle class people who are stretching inevitably hit other costs like medical, retirement, children. But what is also happening is that a class of people at the top are becoming proportionally more wealthy than the top 15% were in the 50s, 60s, 70s. The dow jones hit an all time high Friday, and many of the holders live around here. There is also a lot of national tax proceeds flowing towards our local military industry. So there is a high end market. Yet.. do they want to live right there? maybe. hard to say.

5 min. mp3 sound file