I have no idea how people can afford to buy a house in So. Cal. anymore. My parents bought their home in 1971 for $51,000. It's now worth about $1.5 million dollars. I can't imagine making enough money (even with two incomes) to make the payments on a house like that. And it's just a middle-class tract house from the 1970s.
Yea, no kidding.
I served my mission in Anaheim and lived with some members around Huntington Beach, Mission Viejo and Fountain Valley who had pretty dinky houses that were around a half-million in value. The property taxes were outrageous as well. And this was back in 1990.
My Dad is in the home-buying/restoration business in Florida, but here in Brazil it is cheap as all get out. I built our home which is about 3500 sq feet, for about 150k in Brazilian currency, which at the time (18 months ago), was about 55K in US currency. And we live in the most expensive area in Brasil, in a gated community. Next year we are going to start constructing our dream home on the beaches of João Pessoa, which is the most easterly tip of the South American continent. The cost of living is pathetically cheap up there.
I dreaded moving to Brazil three years ago, but I have to say it has been a blessing in disguise. There is so much investment opportunity here. Gold untouched so to speak. European investors are grabbing beach front property hand over fist because it is cheap and it makes California/Florida beaches look like swamps. With the way the housing market is going in the US, some of you might want to consider investing abroad. Of course, you'd have to marry a Brazilian and gain citizenship status beforehand. ;)