Tuesday, May 26, 2009
California has the worst bubble
Assessing the bubble through housing price-to-wage ratio locates the worst disparities in one state: "Six regions - all in California - posted ratios of 15 of greater: Salinas, Santa Cruz, Santa Barbara, Oxnard-Thousand Oaks, Napa, and San Luis Obispo." Other high ratios were in L.A., San Francisco, San Jose, San Diego, and Riverside, California.
I've lived in three of these regions -- Santa Cruz, Napa, and San Francisco -- when property prices were already prohibitory. It makes the midwest, where I now reside, a great relief.