“Do we have enough people who can really afford 100K downpayments, 600K fixed-rate mortgages, 7K/year property taxes, and 5K/year mello-roos?”
At this point yes. Look, we only needed less than a dozen folks that needed to fit that profile in county of 3,000,000. Until the distress numbers turn sharply upward there will be support for relatively high prices.
