Unlike 2008 where BS mortgages were given to anyone with a pulse, this time the real estate craziness is just a symptom of a greater problem. I write about El Segundo because I live here and want to own a home and raise my kids here. I would venture that in most major metropolitan cities anyone could start their own blog about local real estate craziness. It’s a symptom of a global crisis created by the Federal Reserve printing money for eight years.
Nashville, Portland, SF, Dallas, London, Sydney……
Eight year at a zero % fed funds rate has created many monsters. This doesn’t unwind well.
This article shows another city in another country with the exact same problem.
This doesn’t end well.