From the comments in that blog:
SDChad said…
It just boggles my mind how many realtors bought $800k to $1 million homes over the last several years. Were they really making that kind of money or were they simply the most deluded people? Of course, that $800k in Santa Luz is far worse once you take the HOA and Mello-Roos into account.

From my perspective: There are none so blind as those who will not see. People get caught up in their own hype without taking a logical, rational look at their own profession. There were a bazillion people out there (and many of them were realtor’s) who thought that houses could just keep appreciating into infinity and that magically, buyers could obtain loans and mysteriously make enough money to pay for them, no matter how high the prices rose. Craziness, greed, ignorance and stupidity…….all at their best!