sdrealtor, I disagree. Look again at the numbers, it clearly shows two things. 1) prices ROSE in low income communities on mostly strong to stable number of sales, 2) prices FELL in high income communities on severely declining number of sales.
If your theory were true the sales numbers would not differ so dramatically, and they would be moving in the same direction. But they’re not. It is clear that sales activity remains strong in low income areas, while it has fallen off a cliff in high income areas. This could mean money coming in from outside the communities either for investment purposes or from people “moving down” as PD and Socalarm suggested.
I don’t think I fully buy those theories either. I think we are seeing the bottom of a pyramid scheme. The least educated with the least resources unfortunately gets suckered in at the end of the party.
