LATimes : Southern California median home price breaks record set last decade during housing bubble (mortgages, prices)

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LATimes : Southern California median home price breaks record set last decade during housing bubble (but 13% below, if adjusted for inflation)

Southern California median home price breaks record set last decade during housing bubble

Bubble or no -- what do you think? Unlike the bubble, rents are currently very high too.

[beb0p]

During the last housing bubble, we had a job loss economy.

This time around, the economy is booming plus 10 year worth of inflation to catch up on.

Plus, housing is always trending up long term, at east in a place like Southern CA.

So, I don't see a bubble. But we do need the wages to start catching up.
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[Wells5]

Real estate speculation has been part and parcel of the SoCal economy since the beginning where everyone tries to get rich by selling each other homes at grossly inflated prices using "other peoples" money insured by the government. Remember "liar loans" and "pick-a-pay" mortgages?

[BoBromhal]

one thing it tells me is - when prices go high, don't buy your home thinking prices will continue to rise, and you can cash out in 3-6 years.

If one bought and could afford the highest price house in SoCal in 2006, and lived there all this time, then they've suffered nothing. Put another way, the next dip in SoCal only affects you if you need to sell.