The house flipping is now hitting a fever pitch in California. 8 out of 10 of the "hottest" real estate markets are in California. The bigger story is the insane decline in inventory causing manic behavior in certain markets. In a recent Redfin survey, the biggest concern now is missing out on home price gains (not the massive debt of our economy, indebted youth, or even the giant older population that will strain healthcare services). Nope. The big concern is now missing on gains, especially in hipster enclaves:

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