Funny coming from someone who likes to make shit up.No,
The economy doesn’t revolve around Irvine/OC bro. Irvine/OC will follow macro trend.
I honestly don't know and I will not act like I know everything like you.
Who cares if they are millionaires? If the economy is bad, overseas people will derisk and may want to sell their homes and those homes will be in the market. More inventory will naturally occur and macro trends will impact local markets. Will it be as bad as other markets? I don't know. But to say it's "impossible" that is pure arrogance backed by no facts. Which is no surprise knowing you
When did I say that the economy revolves around Irvine/OC?
I said that unemployment rate will not force Irvine/OC to increase inventory levels because these homeowners are well positioned. As Martin already stated, the only reason his clients would sell is to upgrade to a bigger home. They're not selling because they HAVE TO, but because they WANT TO.
But you keep bring up unrelated things, like emergency funds, which doesn't apply to Irvine/OC homeowners.
1. Why would a homeowner want to sell a home when the interest rates don't AFFECT them?
2. Why would foreign cash buyers want to sell their homes when the interest rates don't AFFECT them?
The only thing that the de-risking factor you mention about foreign buyers is getting INTO the market. So that just means fewer buyers.