Bubble, Bubble . . . (Cont’d.)

The Los Angeles Times has once again turned its attention to the inflating housing bubble.

“The housing recovery is looking more like another housing boom, with prices rising at a record pace.

“The median home price in Southern California surged a stunning 28% in June compared with a year earlier — outpacing any month during last decade’s housing bubble. The gain puts the median at $385,000, up from $300,000 last June.” Andrew Khouri and Alejandro Lazo, House Price Rebound Has Look of a Boom, L.A. Times, July 17, 2013.

No comment appears necessary, except to note that should you be so fortunate as  to find a house in our neck of the woods (the San Fernando Valley) for anything resembling $385K, you wouldn’t want to live in it. Trust us.

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