Much of it is migration from other parts of the country including California because the market has done such a good job of employment diversification.We love Houston and my guess is that the funds will too for a while.  

"Schools" and "Asian Migration".

South Richmond is where the money is going and hopefully it migrates up north. 

You're basically saying that 1) Portland won't have any appreciation because of dumb money increasing prices and 2) outlying areas still have appreciation because of migration.

Stick with the world gold standard in a Cook Islands Asset Protection Trust or the hybrid Domestic Component if you don't have a reason to go purely offshore with a connecting "migration" clause.

For example, say you are in a town where the "migration rate" is relatively low, but there are mass amounts of new developments coming up, you should be cautious.

If Florida continues to draw migrating boomers  and state tax refugees it should be a good market. 

I am excited about Miami and south Florida the macroeconomics appear to be strong with job growth and migration from millennials who are primarily renting. 

But it ranked 122 on the best performing cities list, down 25 places from last year, and it had a negative 2015-2016 net migration. 

That almost never works because a small percentage of the bugs are always migrating.