Excellent article, Jazzman. Don’t know if the wave of foreclosures will have much affect on the desirable/high demand areas–guess we’ll just have to wait and see.
The rest of the article was interesting also–especially the part about how most Californians are living way beyond their means.
Whenever I read these stats, it still amazes me how far out on a limb people are willing to go with their finances.
As a native, the evolution of real estate in CA reminds me of a revolving door. When one group of over-extended residents vacate–for whatever reasons–another seems to come in to take their place, and on and on. Because of the demand in desirable areas, this pattern continues to keep these locations afloat–at least for now. Hopefully, they all have a plan for their endgame.
