How long can Orange County housing stay expensive? (Hint: A long time)

Are the finances of Orange County homebuying out of whack?
At least by one measure, a home purchase’s financial hit to a typical household budget is nearing the insanity of the housing bubble of a decade ago. And these recent costs are even on par with the late 1980s housing boom, when inflation is factored into the equation.
A strong job market and a shortage of homes to buy has created rising home prices. Toss in higher interest rates and you get one estimate of recen