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How are homes affordable in Cali ?
My wife has been watching Flip & Flop lately. I watched a portion & see that a 3 br/2 bath Cape Cod in a crowded neighborhood ,built in the 50's will bring $750K +. The buyers were happier than hell to make a bid. These homes, elsewhere can be taken for $40K +/-. I know, its Cali, but really?
How does this make economic sense when these folks make incomes that simply could (should) not sustain such a purchase?
I'm pretty conservative and I don't get it.
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