Sometimes people are dolts. That’s certainly true of home buyers and lenders. Only a few years after the economy and real estate market tanked housing prices are rising again – rising with irrational exuberance to borrow a phrase from former Fed Chairman, Alan Greenspan.
Here in Northern California we often look jealously at fuel prices in the rest of the nation. The rest of the nation looks at ours slack-jawed at the enormity of them. Even in a “normal” market, the Bay Area and Los Angeles usually trade places with the highest costs in all 50 states. When they don’t lead, they are almost always in the Top 3.