A lot of people get carried away by this, a lot of the nation did not have the same problems as SoCal in the crazy mortgage biz. Many people in a large part of the country used low interest rates with 30 year loans to buy a house. You didn’t need a crazy mortgage.
I don’t understand why the general thought process is that if southern CA, AZ, and LV take a big dive the whole country will.
I’ve lived here for almost two years and I don’t know many people, but I do know people that are leaving/have left already because of the mortgage fiasco and inability to buy a home. White collar professionals.. who have worked to have the american dream and live here, looking through the glass window wondering if they will ever own. Many are asking why the hell are they here? It’s not a question in most of the US with their income, so they are leaving for greener pastures.
Honestly, look at the numbers, a LOT of great wage earners would have to be here to keep prices near current levels. So has the median household income in SD up to 140k now? If not, it just seems like a big stack of cards is being built up and it’s just being added and added to. There will be a time when that card pile falls down.
I do not expect prices to be the same as the midwest or other affordable places, but I just can’t see how prices will not adjust dramatically either.
Or perhaps I should just be looking for greener pastures..
