NOW That the Los Angeles and San Diego Housing Market Has Fully Recovered Is There a Bubble?
The median home sale price in Los Angeles and San Diego County is currently $658,500 top Economist predict prices will rise 3.4% within the year 2018. Though current prices are similar to the 2007 Housing Collapse, there are many other factors that will prevent the same collapse from happening now. For example, inventory is much lower than it was before the recession. Additionally, lending practices are stricter, with the intention of preventing another recession.
Sources: Zillow.com , Corelogic.com , Latimes.com, utsd.com, Crubbed.com , BLS.Gov, U.S. Department of Labor.
It's important to remember rising prices didn't cause the housing crash. It was rising prices combined with subprime and low documentation mortgages, as well as people looking for short term gains — versus today's market vitality — that created the environment for the crash."
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