There is a large contingent of California homeowners that have what I call the golden handcuffs of real estate. They are cash poor and equity rich. That is, if they are willing to sell and move away from the more expensive market they can cash in their lottery ticket. Many will not. This trend is part of the stripping away of the middle class in California.
Sunday, October 13, 2013
Doctor Housing Bubble Blog: Baby boomers and the golden handcuffs of real estate: Will low inventory be a trend for the next few years?
I still can't figure out how I landed on this website. But i was rather fortuitous since he talks about the housing situation in CA. My recommendation? Sell your house and move OUT of CA.