I would have to say that I don’t think the economy is ACTUALLY very strong, either locally or nationally and that there aren’t enough people that will be willing or able to buy real estate at anywhere near current prices. Real estate values are set by comps so, in any given neighborhood, if most of the sales are happening at lower values, pretty soon ALL of the sales will happen at lower values. The market tends to keep going in the direction it’s going both up (ad it did) and down (as I think it’s just started to do). Rents would have to more than double to equal the cost of owning – that’s not going to happen due to the lack of high paying jobs.
