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If you live in California and want to sell but have been waiting for the prices to keep going up? You might want to sell quick. The bubble there is the going to burst hard.
No, it's not bursting. Prices will level off and increase at a reasonable rate like the rest of the country at some point. It's still very expensive. If you think home prices are going down, you're foolish.
California is an enormous place. Small urban parts of it are the socialist meccas you guys cry about, but most of it is rural America. The fact it's so popular that housing has risen to a point where people can't afford houses and sales slow, is how the market corrects itself. I don't want to live there but a whole lot of other people do.
If you live in California and want to sell but have been waiting for the prices to keep going up? You might want to sell quick. The bubble there is the going to burst hard.
There is a cycle in California of boom and bust in that market around every 10 years. *shrug*
Nationally, low interests and short supply have triggered lots of building due to high prices so naturally at some point supply is going to catch up to demand and prices will retract.
"The median price paid for all Southern California homes sold in June was a record $536,250, according to CoreLogic, a 7.3 percent increase compared with June 2017."
There is something fundamentally wrong with a market that prices young people with good jobs out. It just can’t last.
My friends experienced that in CA decades ago. These were guys with math and engineering degrees where the rent and taxes etc. left them without enough to save up for a house even when the market cratered.
I think people rationalize that the weather etc. make it worth dealing with the cost and commutes etc. some however, like my friends, move away and are much happier for it...others stay and are much happier for it. *shrug* that's each persons life to live.
"The median price paid for all Southern California homes sold in June was a record $536,250, according to CoreLogic, a 7.3 percent increase compared with June 2017."
Call me when the median price falls to $250K.
Keep in mind, this is CNBC so they're always looking for ratings\clicks (like the others as well) so they're going to run salacious gloom and doom articles especially if they can speculate that the national economy is going to take a hit because that's stuff that sells with their general viewership at the moment.
There hasn't been as much capital misallocation as during the last housing boom, because of tighter lending standards. If there is a crash, it will be more muted.
There is a cycle in California of boom and bust in that market around every 10 years. *shrug*
Nationally, low interests and short supply have triggered lots of building due to high prices so naturally at some point supply is going to catch up to demand and prices will retract.
We have relatives in California who report the same.
Several have moved out of California to follow jobs and when they were transferred back, found themselves priced out of the market.
So they rent for a year or so and catch the next wave.
It's probably the beginning of another recession similar to what happened a decade ago.
No, but housing is cooling off nationwide.
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