Only 2% of households buy/sell their homes every year and they set the price for the other 98% of homes. How many people earning $120K would you need to drive up the prices for the other homes? Could 10,000 people drive up the prices of homes for the other 30,000?
If it isn’t the income, what explains why some cities had a housing bubble and others did not? Loose lending is nationwide. Even Omaha, NE, has a “mortgage lender on every corner” according to a friend who lives there.
I’m not saying the wet sweaty guy is right, but perhaps the jobs/income contributed?
