House prices in California's Inland Empire are at or below their stable relationship between the cost of ownership and the cost of rent.
After the devastating collapse of house prices in 2008-2012, buyers are rightfully wary of buying into another bubble. After watching their neighbors suffer with excessive payments and negative equity, prudent renters don't want to suffer the same fate. And with a nearly 80% increase in house prices in Riverside and San Bernardino Counties over the last three years, people have reason to worry. There are very few economists with any credibility to comment on whether or not housing is a bubble. Lawrence Yun of the NAr has no credibility to comment on anything related to real estate, and most other economists completely missed the housing bubble because their analysis techniques weren't up to the task. One of the few[READ MORE]