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Dude, you are from Iowa? or some where back east? One of the biggest issues for the housing throughout CA is the water rights. Many of the houses going up are going up in areas where water rights are worth more than gold.. There are water shortages through out the state especially along the Centeral and Southern Regions. Other issue are prevallent...

The Sellers are pushing low interest rates warning of eventual increases. However, any benefit from the interest rates being low have already been ofset by the appreciation of the houses.

Another issue is that there are fewer renters who will cover the mortgage payments of the loans. There are currently 400,00-500,000 dollar brand new homes renting for 1250-1500 dollars right around where I live.

There is a push push, to buy buy.... Mobile homes are selling for 250,000-300,000 dollars w/o the lot- 7 years ago these same mobile home were sold for 50,000 dollars.