Hmmm, are you a troll sent here by the RE industry?
Your statement “Are you guys forgetting we live in the most desirable place on the planet?” has been considered here before. The desirability of coastal So Cal is there, has always been there, and it explains why historically land is worth more here than, say, Idaho, even after taking economic actvity into account.
What you are telling us is that, suddenly, this desirability has increased in the last five years? How so? Has the sun been upgraded? Is the ocean any bluer than before?
You also mentioned that “this time is different”. I think I’ll grade your contribution to this forum with a D minus, because you forgot the rest of your lesson, er… mission:
3. Real estate always goes up
4. If I don’t buy now I will be priced out forever
5. I need the tax deduction. Heck, the tax deduction alone will pay for the house!
6. You can always cash out your equity to afford your family’s needs now (SUVs, other gadgets) and in the future (fund your retirement)
7. Renting is un-American and for losers only
8. Everybody knows that owning is way cheaper than renting
