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The typical wages here in Taco Town do not support the high prices.
Interesting that Case-Shiller shows that the SF Bay Area housing market has had pretty shitty returns on average over the last decade, only 2.93%...
While the rate of return for the stock market has been 8.21% over the last 10 years.
Among the 100 largest cities in the US, where did home prices soar the fastest over the past five years since 2012? No, it wasn’t San Francisco or any of the other housing markets where you need to have a top-notch income to buy a starter shack. And in five of these cities, home prices surged over 100% since the fourth quarter of 2012:
I get the strong impression that sales are very slow in the SF Bay Area as well, but don't have any good source of true sales volume data. Realtors fuck with the data all the time. I need something more objective, like the Case-Shiller Index.
The article is from 2013, but here we are approaching 2020 and they might be right.