Housing... Just wow

[TAB]

So the 1st house I ever flipped just sold again.  In 06 I bought it for 40k, put 200k into it and sold it for 350.   2 years ago it sold for 1.3 mill and had not been touched other then new landscaping...  it sold this month for 1.8 with only am exterior  paint job.   I could have retired with that much. 

[billt]

I just don't see how this can keep up. Especially with fewer and fewer people qualifying for mortgages. The whole thing is out of kilter. 60 year old stucco and shingled homes with 1,200 sq. ft. and 1 bath, with a 1 car garage selling for over $500K is insane. Where is the value? There isn't any.

Then throw in the fact California is going broke, and being run into the ground by both liberals and illegals. Not to mention jobs are drying up in that state left and right. And if there ever was a place ripe for a major real estate crash, California is it.