Silicon Valley Real Estate: Le Sigh

This is pretty much the reason why I'll never be able to afford real estate in the Bay Area. When strolling around the valley this weekend, I see the vast amounts of wealth in the forms of pricey clothes, expensive cars, and the latest high tech gadgets. I'm pretty sure some people must be into crazy amounts of debt to afford any sort of lifestyle here. *Le Sigh*

As Seen in the San Jose Mercury News:

It's time once again to check in on Silicon Valley's real estate market - which, actually, has turned into two markets. In super-pricey communities such as Palo Alto, Los Altos and Mountain View, housing sales are doing just fine, thank you very much. (After all, those Googlers have to live somewhere. And when you're busy changing the world, the closer you are to the Googleplex, the better.) In more, shall we say, working-class communities, sales are plummeting. As prices throughout the valley climbed over the past few years, those of us without tech stock options pretty much needed, shall we say, creative financing to qualify for a mortgage. The trouble is, with the growing subprime-mortgage mess, those creative loans are suddenly impossible to find. With fewer buyers able to enter the market, inventories are building. In fact, at the current sales pace, it would take more than a year to sell all the homes listed in parts of San Jose.

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