I really enjoyed reading this article. I don’t know much about the housing market though I feel like I’ve read and watched more documentaries about the bubble than anything else in the past 10 years.
I live in Oakland Ca — A place with many foreclosed homes. Right now, in 2016 I see a shocking phenomenon that I can only see ending in another disaster. There are many 2-bedroom bungalows on the market in areas of Oakland where the crime rate is still higher than that of 99% of most other US cities, yet the prices for these houses are between 600 thousand — one million. Seriously. I can only assume that the people buying these houses are coming in from out of town not realizing this phenomenon. I can only assume the banks are selling these houses because they know they’re just going to get them back again.
That’s all I have to say about that, but if anybody has any educated insight into what I’m observing, I’d love to hear it.