As this tide is going out, we’re finding out just about everyone was not wearing a bathing suit. If one is heavily in cash, the world is starting to look very cheap, but getting cheaper. This was the only historically accurate reaction to a huge and very unsustainable growth in debt. There’s no way we could have kept on the path we were on. So now, we begin the correction to sustainability, but with an over correction…as is usual. I’ve been saying this on this site for the last 8 months. While everyone was salivating about rent vs. own cost being equal and cost vs income ratios getting lower. I’ll say it one more time for those that did not seem to believe what I wrote was true. Unemployment will devistate CA real estate. It always has and will. We’re about to get a massive dose of unemployment that’s going to make everyone recalibrate their financial world.