[quote=Rich Toscano][quote=no_such_reality][quote=Rich Toscano][quote=no_such_reality]True, but only because the Government intervened and allowed all the weak hands to hold properties. Especially the banks.[/quote]

What’s that got to do with it?[/quote]

In order for prices to fall, homes have to be allowed to sell. That banks were allowed to constrict supply, not liquidate their repos, not foreclose and float their balance sheets to prevent steeper falls on home prices. You add HAMP, HARP and HARP 2.0 and homes that would have ended up on the market were all kept off the market.[/quote]

I meant, what does that have to do with the current conversation? I don’t see the relevance.[/quote]

I was responding to the comment that prices didn’t fall 50% post bubble, which they didn’t, but only because the market was massively tampered with.

For going forward it’s not, other than we didn’t have the shake out we should have and many are still priced in constricting supply. They can get the price they need to get out, but really can’t get a new place short of leaving the State.

That actually points to continued rising prices. It’s kind of like Irvine. Why are prices so high in Irvine? The answer is simple, IMO, from 2010 to 2015 Irvine has built several thousand homes, they’ve only built 4000 detached SFRs. Since 2010, Irvine’s population has grown, from 2011 to 2015 the number of Irvine household’s making over $200K/yr has grown by 4000+ households.

JIMHO, but for suburbanite living like in Irvine, the detach SFR is the style of housing the vast majority desire.