I’m in NY(*). I have not seen price appreciation of the same type as San Diego in the past year. You have moderately low inventory, but not the same type of decrease as in San Diego.

Other than the very wealthy suburbs, the ‘burbs are also riddled with foreclosures and short sales right now, some coming in the market after being foreclosed 2-3 years ago. Interesting times!

(*) – it’s nice that a lot of the housing stock is co-op, and co-op boards can restrict whom apartments are sold to. So foreigners looking for a pied-a-terre that will be vacant 95% of the time or to be an absentee landlord are out of luck in many buildings. As it should be.

It’s also a special case because there were virtually no foreclosures in Manhattan. A lot of buildings required 20% down, which sort of nixed the type of mortgages that were prone to foreclosure.

Also, the nice thing about the NJ ‘burbs is that they don’t have Moonbeam Brown or Kamala Harris to protect people who made terrifyingly stupid financial decisions from themselves.