jes, I should qualify my count by saying the profession me and my colleagues are in allow us to move anywhere we want, we are not tied to say, Silicon Valley for tech or OC for finance.
therefore, it is very reasonable to move away from locations where condo living are all we can afford. that’s the driving force which prompted the move away from OC/LA.
that said, I truly believe the credit bubble will be this market’s undoing, nothing else. in this line of work we interact with a lot of working class and minimally skilled folks, and these guys ALL bought homes these last few years, without exception. I also get exposed to a lot of ‘chatters’ and they range from ‘we can’t pay our mortgage’ to ‘we are panicking because we have two mortgages now because we can’t sell the old home’.
there are a lot of otherwise hard working folks with steady income that got greedy because of what was going on with real estate this last few years. instead of the steady middle class life they were in, they saw how they could all become mini-Trumps. a lot of lives will be ruined, I can already see it happening. The desperation is in the air.
