[quote=mixxalot]The real estate prices do not pencil out to average incomes. It is foreign buyers, low inventory and institutional wall street firms jacking up prices.[/quote]
And mortgage rates the last few years being the lowest they have ever been in the 240 year history of the United States.
Super low rates especially juice the prices in expensive coastal areas. 3.5% vs. say 6.5% on a $700k mortgage in CA has a much bigger impact than 3.5% vs. 6.5% on a $100k mortgage in Nebraska.
