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Go Back East, Young Man
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Housing boom again? Well, in California, the prices are going up, mortgage rates are rising and mortgages remain hard to get, and the result is that more and more people can't afford to buy a house. First time buyers are not in the market the way they used to be. Whether this is a long-term problem depends on how important ownership is, and what will happen to rents and the number of available rentals. I don't know how most people can live around here anymore, considering all of that. (Los Angeles Times)
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