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I'll believe it when I see it, Tabs. In NorCal, we still have lines of people camping overnight just to get a shot at signing up for a new house, sight unseen.
In my town, the homes on our street are selling for 200-250% of purchase price, and they are only 3-4 years old. I'm not too excited personally, because I wouldn't know where to go if we sold!
The people who are banking on a real estate crash (moving into smaller homes and waiting, holding off on buying rentals, etc.) are taking a huge risk for a return/savings that I think might give them 5-10% at best. 10% downward is a huge correction in housing prices.
LAT article based on the Census:
"California's population is expected to grow by an additional 12
million people by 2020, a 36 percent increase."
Everyone wants a house.
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