Dumpy - 12:23 pm on May 13, 2003 (gmt 0)

I bought a basic home in Palo Alto in 1959 for $15,000 when I become a police officer (They promised to allow me to attend college). After two years of stalling (I moved from badge 55 to badge 5) I quit and went to work for Mt. View Yellow Cab and parcel delivery. I never received a raise for three years, got fired almost every year and rehired...but got a turkey and an envelope full of cash each Christmas. I worked totally unsupervised, saw the owner when I was hired and finally quit (I had graduated from San Jose State). That's when he found out I had been going to college.

The basic house was sold for $35,000 in 1964 and sold recently for $975,000. I became a stockbroker, moved to an $18,000 house in Walnut Creek, Ca, sold it in 1976 for $65,000. It sold recently for $575,000.

Two of my sons are mortgage bankers in the greater San Francisco Bay Area, and nationally with online internet applications, (I handle the internet operation) and they say they are appalled by the refinancing fury to raise money for living expenses. Home values are still growing at a double digit rate. If the bubble bursts it will be many years for a recovery.

I live in Florida in a retirement community where old people come to visit their parents and we have seen a 50% raise in values over the last two years, but housing is still half of California values.

I just passed through my declining years into my reclining years and am watching my grandchildren trying to figure out how they are going to succeed in life. Their burden seems to be very much higher than mine was at their age.