No Homes Left in California’s Hot Markets?

You would figure that after the worst housing bust in U.S. history – even worse than the Great Depression – that bargains would abound even in places like California. But we’ve been hearing plenty of stories lately from mortgage bankers about the lack of inventory in such desirable areas as San Francisco, San Diego, and Laguna. Here’s some intel from one of our jumbo contacts: “There is little or no inventory worth a darn in San Diego! I know because I have been looking for another house all over the county and eventually bought one of the few new houses being built. I really didn't want to buy a new house but couldn't find anything remotely close in value or what we were looking for as a resale! The Bay Area? Good luck finding anything! My investment advisor was trying to buy a 900-square foot home (a complete tear down) in a not so nice area of San Francisco, south of Mission, for her mom. They dropped out of the ‘bidding’ when it went over $900k! Final price was $1.025mm! No joke! West LA? Forget it unless you have a multi-million dollar budget!”