Foreign buyers likely driving up California’s real estate market

Scott and Erica Rothenberg thought the years of scrimping and saving had finally paid off. The three-bedroom house outside of Elk Grove — an upper-middle-class suburb of Sacramento — checked all of the boxes: quiet neighborhood, quality school district, ample space to start a family. But the couple knew competition for the house — like most houses in desirable California neighborhoods — would be cut-throat. Their agent warned they’d be bidding against not only a glut of young Sacramento-area families vying for a starter home, but also wealthier Bay Area residents fleeing astronomical prices.

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Source: Santa Cruz Sentinel

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