I love this site because it debunks so much of the BS we are fed by those that benefit most from the recent boom. The graphs countering the claim of employment, interest rates, or population affecting the housing appreciation are great.
I live in LA, one of the areas lacking room to build, specifically, Burbank. There are some new houses being built, but not to the degree that they are elsewhere.
In Burbank the claim is prices were low because in the 90’s prices dropped when all the aerospace industry layoffs occurred. Now they’re catching up.
You do see more “reduced” signs now, but a decent 3bd house is still about 600k.
For areas like mine, is there any reason to believe prices won’t drop as this article claims? Were the layoffs of the 90’s the reason for prices falling, or did that just coincide with what was happening across the nation already?