entropy
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There is no housing bubble in SoCal. They have been saying the bubble is gonna burst since 2013 lol.My home is so over valued what difference will it make if the bubble burst, and it falls 20%, it will not matter to us, we are not going anywhere at this time. Although come to think of it that 20% is what we paid for it to begin with, crazy
there is more people with money, more competition, no new constructions, a shit ton of international real state investors. Your house isn't over valued. It is in a highly desirable location and whoever pays whatever it costs to own has the money to turn it into a little a palace. Heck where I live you see all these little cottages and bungalows displaying mini landscapes that you'll see in Dallas mansions. Tiny but mighty.
Look at San Francisco. When did the bubble burst? it didn't cause there wasn't one. Another example? Manhattan. studio apartments that used to rent for dimes are now condos selling for over 2 million dollars.
Now, there is a ridiculous inflation thing going on with the economy right now and possibly a recession coming. We might see a small dip on housing in socal, but it'll go back up. There might be pockets of housing that will crash in not the most desirable areas. But anywhere near the coast, or neighborhoods that have always been desirable such as beverly hills, pasadena suburbs, culver city, etc... wont get hit.
This place has become way too desirable for the rich. People leaving are mostly hard working middle class. It sucks and it is unfair but that's how big cities are.
People are just gonna start living more in apartments and condos like they do in most big expensive cities. I am more worried about the inflation of consumer products, services and first need products.
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