Real Estate Blogging

The Associated Press reports today that rising home prices and mortgage interest rates in the San Francisco Bay Area is pricing people out of their quest for a home:

As average 30-year mortgage rates hit 6 percent and continue to rise, fewer Bay Area residents are able to buy homes because they can't afford the higher monthly payments.

However, the way I see this is that there are so many people moving into California, either from across the border, or migrating in from other states, that there will be no problem selling real estate. As the article goes on to state:

Buyers often face competition from 10 or 20 other people trying to buy the same property, Morgan said.

As long as there are some people willing to pay the high prices, real estate will continue to exchange hands. For those people who can't afford homes here, where will they go?