HOUSE POOR. From a FuckedCompany discussion of the West Coast housing bubble:

"Hell, Vegas is over $220k or so for a decent new place.....Phx can't be far behind. Reno is already $300k, even fucking Fresno is $300k for a new place. WHERE THE FUCK ARE THESE PEOPLE GETTING THE MONEY?"

"I have no idea how people who only make $45k per year are getting into $300k houses. Plus they have they obligatory GMC Yukon Denali or Hummer H2 as well..."

"For giggles, I did a search in the Washington Post's real estate section for any home in my area (Fairfax) for $125,000 or less. Six dilapidated condos were returned, tiny, in HUD areas."

"And when it all ends, those of us who still have money will be asked to bail out the banks who made loans at up to 125% of equity value, to people with shaky incomes or credit. Just like last time."

"Spoke to a guy recently who spent $650k (NYC) for a one bedroom condo. He's near panic state now thinking about real estate crashing."

Now, these seem like coastal concerns perhaps to the fat, happy Red Staters. They come mostly from angry, educated Blue Staters, whom they despise -- though this post perhaps hits a little closer to home:

"I am building in vegas. I see i every day. Its not the 300,000 houses that we wonder where the money is coming from. Its all the 2 million + houses that are being bought up. I wonder everyday where all these people are coming from and where the money is coming from."

It'll get worse and move toward the interior. Via Calpundit, we see that deficits are going through the roof, and there's not much wiggle room left in which Mr. Greenspan can do anything about it.

The housing market will crash. No one, not even Midwesterners, can afford the terms of home ownership by the standards of a generation ago, and with personal bankruptcies rising, it is questionable whether they can afford them by the standards of the present. The squeeze is on with no relief in sight. We live on a new bubble now, but without the cheerful feeling of the last one. God help us when it bursts.