>>The places
that are selling all the new homes are getting further and further out
on the transportation corridors (read: freeways). Pinole (north of SF)
and Tracy (to the east) to name a few, but to the south there's Gilroy.<<
We presumably imported the "pent-up demand" concept from you guys then. Trouble is that although this model works in California with vast tracts of unbuilt space, we're a small island with limited space and even more limited planning permission.
My take on this is just the one I hinted at before. If you look at the house price booms in the world, they match up absolutely 1:1 with the deregulated financial systems. I don't think they match up with any other supply/demand characteristics.
dd
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