Forget cheap money, exotic loans, and lax lending standards.  It looks like we can blame those darn California investors for the housing bubble.  At first, I only heard of this situation anecdotally.  Phoenix realtors licking their chops over Californians who would come to Phoenix, accustomed to CA prices, and pay way over market.  “Stupid Californians” have been considered the ideal buyer here for awhile.

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