The U-6 unemployment number has to be near 20% for CA. The stock market is no higher than in 2000, but in less valuable US$. There’s been no recovery.
We’ve essentially experienced our first lost decade since 2000. Commodities have been the best performers in this time period.

I think it’s a fair estimate to say that for every 100 basis point rise in the mortgage rate, the loan amount drops by about 15%. The horizon doesnt seem to have too much good news for the RE market.