Adam Evan emails:
Thought I'd offer an update on how crazy things are getting out here in California. My parents went through a ridiculous circus to buy a 12 unit apartment building in San Jose. There is an incredible influx of investors (many foreign) purchasing everything that comes on the market pretty much immediately. It almost didn't go through at all. Up here in Sacramento my wife and I are trying to buy a duplex but they're getting bought up by investors without even seeing them. Cash offers everywhere. We've been outbid on four properties so far. They don't last more than a few days. With your reporting of the recent drop in money supply to 3.8% who knows how long this will last, but the rates of return on the properties in Sac being as high as they are who knows.
Note: All though there is a lot of money in the system because of previous money growth, I have been reporting in the EPJ Daily Alert that things may be changing rapidly as far as money growth.
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