patrick.net

The foreclosure pipeline needs to be cleared before this problem will go away. New York has a 987 day back-log, while tens of thousands of people live in houses for free.

Tear off the band-aid already, so the market can heal.

69Charger says

Excellent news!

Inflated asking prices are choking the economy. Get prices down to their natural levels at early 1990's levels where they should be and watch the economy take off.

Prices (should be) Falling.

But a financial center like the Bay Area has a direct pipeline of newly-created money from the Fed to keep prices artificially high.

Prices are directly related to incomes and rents, adjusting for inflation.

If the Chi-coms are buying up bay area RE, that will only last until their Japan-style bubble economy goes belly-up.

Remember when everyone was freaking out about the Japs buying up RE in the US? How'd that turn out?

bgamall4 says

there are many wealthy foreign people who come in and buy in SF. That is fact.

Then what percentage of all buyers is it?

I don't think NeverTrustRealtors/69Charger/RealtorsAreLiars has any data. But he/she is entertaining.

Realtors shot JFK from the grassy knoll...