Southern California Real estate market alters dreams

There's nothing like a highly "unfree" market in real estate to wipe out the middle class.Look at southern California:

Record-breaking home values have jeopardized the American dream for more and more Southern Californians who aspire to the security and stability of homeownership but find the prices and sacrifices too much to bear.

The hot real estate market has generated unimaginable wealth for homeowners but has left others priced out of the market, feeling they'll never get their piece of the dream.

Five years ago, teachers Julie and Jeff Jacks were ready to start a family and buy a little house in Temple City for $200,000. But they decided to wait, fearful that they wouldn't be able to make the mortgage if Julie got pregnant right away and quit her job.

Then they watched as houses in their Rosemead neighborhood climbed from $200,000 to $300,000 to $400,000 and higher - frustrating the young parents and lifelong Southern Californians who now believe their future lies outside the region.

Kimi Lee bought her first home, a 900-square-foot fixer-upper in Highland Park for $158,000 in 2001, just before her neighborhood became the hip new affordable area. Four years later, she's amazed at her good fortune and perfect timing as homes in her community now fetch $500,000, pricing many of her friends out.

California isn't the future because they like artificially high real estate prices.