real estate is hot in california

Quote from Free Thinker:

this guy talks about how hot real estate is in california and how difficult it is for investors to buy anything. he talks about one property that had 45 cash offers the first day.

http://www.youtube.com/watch?v=Ne4YPbCkI9o&feature=g-all-u
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Are you really this stupid? CA has one of the highest foreclosure rates in the country and Sacramento is one of the highest cities in the country with % of homeowners underwater in equity exceeding 50%. Sure, the high end stuff on the coast is holding a bid as it always has. Most of those were cash purchases and they are not getting squeezed on their mortgage. Anything off the coast is getting killed.
 
Many parts of CA have low inventory and the under 500,000 market gets multiple offers.

it is hard for investors because they are falling all over themselves and bidding up properties.

When the stats come out in a few months, prices will be up 3 to 5 percent.

Over 700 or 800 it gets softer because financing is tough.

But, this has been happening in the spring... its just a little hotter now because rents have gone up and interest rates are low.

The real question is, what will the fall be like.
 
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