While reading The Economist last week I ran across this statistic:
[quote=The Economist]Last year authorities in the Houston metropolitan area, with a population of 6.2m, issued permits to build 64,000 homes. The entire state of California, with a population of 39m, issued just 83,000.[/quote]
Now I don’t know what everyone else makes of that but my sense is that we simply aren’t building enough new housing in California, and thus housing prices are gonna go up. Plain and simple.
