The housing bubble has busted and many people are feeling the effects, not only locally, but worldwide. California was, at one time, the 5th largest economy in the world and now it’s the 8th. California has a larger GDP than most countries on planet earth!!! Why is it that we cannot balance our budgets and keep employment rates from declining? This is due mainly to greed, ignorance and political agenda.
With the rising costs of real estate, it’s no surprise that our economy still remains strong. For years, we as consumers have experienced the rise and fall of real estate prices. Specifically here in California, real estate has risen astronomically in recent years. We can attribute this to the fact that California is the ninth largest economy in the world. Most would argue that California is the birthplace of modem computing technology and the centralization of that technology in California, which has contributed greatly to the steep incline in rising real estate costs, has a great deal to do with the rising costs of living. Real estate is true wealth builder.