These are excellent points. The RE bulls forget that our 1.x% rise in population is mainly from illegals and births (net exodus of 40K San Diegans), and those people don’t create effective demand. Sometimes I hear quality of job comments, but those are rare.
Today’s median household income of $65K should buy a median house 3-3.5x that income, so that’s $215K. The actual median of $500K-something shows how far people have stretched with exotic loans.
