December 3, 2012

DR. HOUSING BUBBLE: Is the middle class dream an illusion for Californians? What we can learn from domestic and foreign migration patterns. “Nationwide the typical family makes around $50,000 and in California it is roughly $54,000. Yet home prices are much more expensive in the state. I think what you are seeing is really the bifurcation of the state. That is, you have a high income subsection fighting for certain cities (with no new housing development) and a growing number of lower income Californians in areas that are seeing very challenging economic times.”

Funny how you often see this sort of bifurcation in areas run by liberal Democrats who spend a lot of time talking about equality.