[quote=deadzone][quote=XBoxBoy][quote=Coronita][quote=deadzone]Yet amazingly with so many folks supposedly leaving CA rent and prices in CA are also going up as much or more.[/quote]

We’ve gone over this. Most of the people leaving the state are the lower income people who can afford to stay. Higher net worth/income people still move here.

and not all of CA is ridiculously priced..[/quote]

Is there data to support the argument that the people leaving the state are lower income or is that something we just tell ourselves? I’m not saying it’s not true, I’m just wondering if it is supported by the data.

(Worth mentioning, I’ve seen data that says lower income people are more likely to move than higher income people, but that’s not the same as arguing that the pool of people in CA is changing because the lower income people are leaving and higher income people are moving here.)[/quote]

No there is no data, this is just a theory pushed by two people on Piggington (who just happen to be the two most prolific posters) based purely on anecdotal evidence.

There might be some truth to it, but if so, it is due to foreign and Wall St. investment money buying in CA which in my opinion are the two main factors pushing up the extreme prices.[/quote]

Cliff notes version. Don’t believe the anecdotes of people actually participating in the market, believe the Permabear ‘s anecdotes who’s been sitting on the sideline and using his own words “taking it in the rear extra hard”