Southern California. The only new homes available anywhere near the suburban community where I live are a million and up. Existing home prices are off the charts, too. $300K for a 750 sq. foot one bedroom condo. $600K for a 3 bedroom 30 year old tract fixer. $800k for a slightly larger 30 year old tract house with a pool. It's insane.
Sales have slowed somewhat recently, but people have been saddling themselves with huge debt,and banks have been lending people hundreds of thousands to finance these overpriced turkeys with no or little down.
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