[quote=qwerty007]Boomtown is a slightly misleading word in the context of this article, at least in respect of soCal. Here’s a snippet.
“…places where purchases of foreclosed properties have surged most in the last year …in California, it’s because house prices have finally dropped into line with incomes.” [/quote]
In line with incomes? I would say that house prices in SOME places have dropped in line with SOME incomes. Prices are still way higher than 10 years ago, and are broadly propped up by taxpayers/savers taking on the risk from further drops in price, and from a tsunami of cheap money from the taxpayers/savers. (Taxpayers will pick up the tab to the extent there is no extra inflation, savers will pick up the tab to the extent there is extra inflation.)
