In the past 3 years, all houses in my small neighborhood (6 out of ~40 houses) were bought by employees of Google, Facebook, and Apple.
Last week, one nicer 4BR house sold for 20% less than a smaller 3BR house that sold in April for a ridiculous $2.4M (that then underwent major remodeling for 6 months.)
Now look at the stock price of those companies between then and now, and the increased interest rate.
AFAICS this has not to do with foreign investments unwinding or people moving out of CA, but houses having become too expensive compared to what people could afford earlier with a mix of increased fear and uncertainty thrown in.
Last week, one nicer 4BR house sold for 20% less than a smaller 3BR house that sold in April for a ridiculous $2.4M (that then underwent major remodeling for 6 months.)
Now look at the stock price of those companies between then and now, and the increased interest rate.
AFAICS this has not to do with foreign investments unwinding or people moving out of CA, but houses having become too expensive compared to what people could afford earlier with a mix of increased fear and uncertainty thrown in.