Flyover states to coastal snobs: go suck a lemon

[soupcxan]

There's nothing wrong with LA or NYC, but people on the east/west coasts seem to have this attitude that middle America is a boring wasteland. And while they're certainly entitled to their opinion, I am less bothered by it knowing that my home value is only going down 1% while theirs is down +15% next year. Schadenfreude? Perhaps. But I am really tired of people acting like Manhattan (or Los Angeles) is the center of civilization.

Metro area 2009 median home price 2009 change
Dallas $155,645 -1.0%
Houston 147,549 -1.8
Atlanta 50,092 -2.5
Chicago 239,359 -5.3
Philadelphia 201,151 -9.8
Boston 295,918 -12.5
New York 393,210 -13.7
Washington 261,411 -17.1
Los Angeles 269,614 -17.2
Miami 214,551 -18.8

Forecast 2009: Year of the thaw - Nov. 4, 2008

[youbet]

Quote:

Originally Posted by soupcxan I am really tired of people acting like Manhattan (or Los Angeles) is the center of civilization.

Then you'll really hate it when tons of your midwest tax dollars are redistributed to the coasts to bail out mortgage holders who gleefully signed up for mortgages they couldn't afford on homes selling at inflated values...... Hey, the least you can do is pay for their folly!

Oh yeah..... I live in a long ago paid for home in the Chicago suburbs valued modestly over median value for the area..... Sure looking forward to "heppin' out" some of my coast dwelling fellow citizens!

[Notmuchlonger]

What was the appreciation rate of those coastal cities before the down turn?

[youbet]

Quote:

Originally Posted by Notmuchlonger What was the appreciation rate of those coastal cities before the down turn?

Enough that they shouldn't require a penny of bailout! Let's hope they don't get any!

[CuppaJoe]

Soupcxan, make that a Meyer lemon from the Central Valley and you're on.

[FANOFJESUS]

In the end I think it is equal because they went up alot more than the midwest.

[Notmuchlonger]

Quote:

Originally Posted by youbet Enough that they shouldn't require a penny of bailout! Let's hope they don't get any!

Why not? We bailed out just about everything else. Why not the people

[youbet]

Quote:

Originally Posted by Notmuchlonger Why not? We bailed out just about everything else. Why not the people

Folks needing the bailout help seem to be more concentrated on the coasts. Stable, boring, boom and bust avoiding folks in the midwest seem to be less involved. Why should there be a transfer of $$$$ from one geographical area to another? I don't recall Calif folks volunteering to send profit $$$ from flipping homes during the boom to the midwest. Why should midwest dollars now go out there?

[haha]

Quote:

Originally Posted by soupcxan But I am really tired of people acting like Manhattan (or Los Angeles) is the center of civilization.

You poor baby! I do hope that you will survive this affront and feel better soon!

And I agree, no one should get bailed out. This transfer mania that is developing is not very attractive.

Ha

[Notmuchlonger]

Quote:

Originally Posted by youbet Folks needing the bailout help seem to be more concentrated on the coasts. Stable, boring, boom and bust avoiding folks in the midwest seem to be less involved. Why should there be a transfer of $$$$ from one geographical area to another? I don't recall Calif folks volunteering to send profit $$$ from flipping homes during the boom to the midwest. Why should midwest dollars now go out there?

Really reaching for that one eh. Oh Im not in favor of any bailouts either. Mainly since I dont need one

[clifp]

I can certainly appreciate the reluctant to bail out folks on the coast buying there million dollar starting homes. But it isn't a one way street, the Agricultural bill and the energy bill were both tens of billions dollar transfers from the coast to the farmers and oilmen in the flyover country.

Not sure there is that much of a difference between a mortgage bailout and a farm or ethanol subsidy.

[CuppaJoe]

Quote:

Originally Posted by youbet Folks needing the bailout help seem to be more concentrated on the coasts. Stable, boring, boom and bust avoiding folks in the midwest....

What Clifp said and remember often these are the same people (although I would not characterize them in your words). Last time I checked this was a mobile society.

IMO, Regionalism is not an acceptable prejudice.

CuppaJoe, enjoying Meyer lemons since 1974.

[riskadverse]

Quote:

Originally Posted by soupcxan There's nothing wrong with LA or NYC, but people on the east/west coasts seem to have this attitude that middle America is a boring wasteland. . . . .

It always amuses me the hostility against those on the coasts (California mainly) that those from the middle of the country have. The trends that happen on the coasts spread to the center of the country with a time lag. If you watch those trends, you can profit greatly and just as importantly save yourself from disasters. I remember when those from the mid states were giddy about the prices of electricity in California because of the shortages there. Now those same people will be puzzled when they look at their heating bill this winter.

[donheff]

I spent my first 30 years in Chicago and my last 30 in DC. Didn't really notice that much difference among the people I met, other than superficial aspects based on things like work. Never noticed a whole lot of big city snobbery around here (this forum). Seems like the only time I hear the term "fly over country" is when someone with an inferiority complex uses it. You guys have a bug itching you - maybe some therapy would help?

[al_bundy]

Quote:

Originally Posted by youbet Then you'll really hate it when tons of your midwest tax dollars are redistributed to the coasts to bail out mortgage holders who gleefully signed up for mortgages they couldn't afford on homes selling at inflated values...... Hey, the least you can do is pay for their folly! Oh yeah..... I live in a long ago paid for home in the Chicago suburbs valued modestly over median value for the area..... Sure looking forward to "heppin' out" some of my coast dwelling fellow citizens!

the coastal states have sent more tax dollars to Washington than they got back for decades. all that money went to pay for pork projects in flyover country

some of the biggest housing bubble hotspots are in flyover country. colorado and Las Vegas have the highest foreclosure rates of the entire country now

[Dawg52]

Hey, I live in a coastal state, just the poorest one in the country. So not a snob, but I'll gladly take some wealth redistribution. Send me a check baby!

[Gone4Good]

Quote:

Originally Posted by youbet Folks needing the bailout help seem to be more concentrated on the coasts.

Don't consider it a bailout. Think of it as a repatriation of the Federal welfare the central and southern states have long taken from the Northeast and California.

Edit: Doh . . . Al beat me to it.

[al_bundy]

Amtrak is a perfect example. in the northeast Amtrak is profitable and a lot of commuter trains run over the tracks. go to flyover country and they fight tooth and nail to protect a useless stop that no one ever uses and this is why it takes 5 times as long to take a train than to drive because the train has to stop at every little town

[brewer12345]

Quote:

Originally Posted by youbet Folks needing the bailout help seem to be more concentrated on the coasts. Stable, boring, boom and bust avoiding folks in the midwest seem to be less involved.

You, uh, forgetting all those rust belt cities that have been a disaster forever and will definately be in line for some wetmaid service from Uncle Sugar?

[Gone4Good]

Quote:

Originally Posted by brewer12345 You, uh, forgetting all those rust belt cities that have been a disaster forever and will definately be in line for some wetmaid service from Uncle Sugar?

Can you say Michigan? Which won't be so much a bailout of industry as it will be a bailout of above market union salaries and benefits.