Are we seeing an echo housing bubble in California? The low....

Read More: http://newswalls.blogspot.com/2012/10/are-we-seeing-echo-housing-bubble-in.html

I want to start this article by first stating that I enjoy living in Southern California.  This is my home.  I’m sure it is home to many of you as well.  When I started writing this blog, it was as an attempt to figure out what was going on in the market.  Prices simply did not make sense and the loans that were being made were comically outrageous.  This is also why the full title of the site is “Dr. Housing Bubble – How I Learned to Love SoCal and Forget the Housing Bubble.”  I get the distinct impression that many people are not fully “happy” until they own a home.  So this second round mania is suddenly making people feel as if happiness is getting further out of their reach.  Yet we all know this is a choice.  If you really want to buy and you have a deep void because of this, go for it!  Heck, all you need is a 3.5 percent down payment and you’ll get a low rate mortgage as well.  Yet make no mistake, prices in many SoCal cities are demonstrating mania like behavior.  As you will see, you are essentially stepping into another mania in SoCal where inventory is being driven into the floor.  Ultimately the question then becomes, how badly do you want to own a home?

Read more: http://newswalls.blogspot.com/2012/10/are-we-seeing-echo-housing-bubble-in.html