Existing Home Sales Climb, Housing Recovery Gains Traction

[flamingdem]

3. In LA one thing pushing up prices is that people have simply waited so long

and they are now biting but there is limited supply.

So once that group is settled things will soften.

Also consortiums are buying up cheap apartments and houses to rent further tightening the market. The rental market is super hot in nice areas. If this continues the gains will continue as well as disgustingly high rental prices.

That leaves the issue of wages, no one likes to face that this is the long term problem. Unless foreigners are coming here to take up the slack there's no way we're going anywhere near previous levels.