” Please don’t generalize and blame the Indian and Chinese for driving up the prices. SV has no land to build and many professionals with high paying jobs. It’s supply and demand that drives up the price. They are not the ones with subprime load that will cause this housing market to implode. They also not the ones that take out a large chunk of money to spend on a hummer and vacations. Most them save for raining days and have at least 20% down payment for the home.
I also don’t see homes in Cupertino, Las Altos, or Palo Alto go down anytime soon due to good schools and neighborhoods. ”
I am not blaming them. I am not generalizing. It is true that they have kept the housing market in Silicon Valley afloat. Given their good financial habbits and good salaries they are unlikely to sell. Bottom line – do not expect any large declines in Fremont, Palo Alto, Mt View, Cupertino, Campbell.
BTW the homes in Palo Alto that sell for $1 million are crappy.
