Sorry Scruffy, but wrong again. Just see yesterday’s Times article.
Bel Aire saw 50% declines in the last housing boom/bust and that rise in prices pales in comparison. They’re still building in LA Metro too: senior apts, hi-rises converted to lofts, row houses, condos conversions, and massive tracts on the outskirts. They’re squeezing them in anywhere they can. I question the truth of a builder’s claim the homes are selling out.
I’ll concede no one really knows when and how much prices will drop, but the same things were said during the last cycle, and prices plummeted.
Nothing to worry about? As long as you have a mortgage you can afford that won’t go up, but I venture to say very few that bought in the last 3 years are so worry-free.
Glad to hear you’re coming around on SD though. LA will follow.
