California's Housing Market: A Toxic Convergence of Bubbles and Bad Policy The recent sale of a burned out, 1,140 square foot ranch style home in Los Angeles County for $1 million has drawn attention to the state's housing market.
On its face, this seems like another egregious example of California's housing market gone wild. However, scratch beneath the surface and it reveals a more complex narrative.
The sale itself was hardly remarkable; prices in the area are so inflated that even modest homes fetch upwards of $1. 5 million.