Bubble or not?

The articles abound on a daily basis – are we
in a real estate bubble? Investors have been turning from the stock market to
housing for years. First-time homebuyers have been squeezed up and out of the
market. Dilapidated houses are selling for extraordinary amounts of money. Hmmm
… On WINA
Wednesday morning, there was a discussion about the lack of affordable housing.
One gentleman called in and said that this discussion is misleading as people
can
obviously
afford the housing as the houses
keep
selling
! He went on to enumerate his
reasons, primarily the fact that buyers from other markets are coming here with
their California, Boston, New York money etc. and buying the houses … it’s
just local people who cannot afford the housing.
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