You need at least $12,000 a month for the median in OC. They said 5% make that a month. Lets see, out of that 5% how many already own? And out of the 5% how many would be stupid enough to buy? That may leave ~0.2% left and thats for the median.
Great video, Waiting Hawk. Kudos to Dave Rothenbuehler of Pacific Mercantile Bank for giving a straight take on the housing situation in OC. He basically said that prices are out of control, that people can’t afford them, and that they need to come down to a more realistic level. He also predicted housing inventory there increasing from about 7.5 months to 9.5 months.
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