[quote=bearishgurl]Yamashi, I personally don’t see NYC or CA turning into another Detroit. The conditions which caused Detroit property values to plummet have never existed in NYC or CA and will never exist because their economies are far more diversified than Detroit and the whole of MI ever was.[/quote]
Would you agree that the decline of property values in Detroit has some correlation to population? Would you agree that values of properties are dependent also on supply (absent price ceilings/floors)? If population continues to decline in places like CA, NYC or America due to shrinking population values need to come down, and/ housing supply needs to contract. It will never be as bad as Detroit, as you said due to the job market. But we are really dependent on continued immigration from other countries to continue to prop up the market.
