At what point does positive migration from surrounding higher price counties stop the price decreases?

first, rich hit the nail right on the head. let the idiots sort it out for themselves, if this will cause a migration of stoners to CA (read: away from me) then I'm all for it.

Also, the artsy fartsy types with money are beginning to migrate to the downtown areas.

Towns that are heavily at risk are what I call ONE ECONOMY towns.This is where one business is propping up most of the economy.If that business goes most of the other businesses will follow and the town will start dying off and people will migrate elsewhere.Once vibrant towns 30 years ago are now all but vacant and many will eventually cycle and spring back.With one economy towns it's very important to know what that businesses plans are for staying and if they own or lease and when it's coming up for renewal.Many investors stay only in big city cores for what they see as less risk.

Since I've been priced out of our local market here in Vegas - from every buy-and-holder from the moms and pops to the big hedge funds paying stupid prices, I have migrated to the Phoenix market and have been been active and going full speed since last year.

I am concerned that prospective occupants of efficiency and 1br apt might be less stable (read more inclined to "migrate") than occupants of 2br apt (small family, etc).

I grew up in the Detroit area, but have since migrated to the Flint area.

Thats why a lot of new apartments get sold to overseas buyers, and also to people migrating into Australia as it is a big part of satisfying visa requirements.Constant immigration keeps this market at demand.It also explains why Australian investors are known to take a different path - the 'fixer-upper' and revaluation is a great way for locals to pick up capital gains and rental increases with less competition from larger overseas economies.

As the rent starts to roll in, I plan to migrate some of these cash reserves into an overfunded EIUL, so if little happens, a chunk of the money won't suffer the effects of inflation, but if big stuff happens, I can take out a policy loan and then eventually pay it back.

In and around Toronto, the price of homes is much higher due to the increased demand from new comers to the country, people migrating to Toronto from other parts of the Country, etc.