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No.
Quite simply put: People don't want to commute to white-collar jobs in Orange County. So instead of sucking it up and living in Riverside, they straddle themselves with a 5-year ARM mortgage on a $1M 2,300sqft house in Irvine/Costa Mesa/Tustin Ranch.
Even if rates were to dramatically rise, it wouldn't affect appreciation rates that much. Would definitely take longer to sell however, so plan ahead.
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