[quote=desmond]…everybody who bought in the last 2 or so years is 20-30% on the upside.[/quote]

Only because of govt money (i.e. money that will be taken from savers and future taxpayers) propping up home prices in CA. There’s nothing natural about it. If the govt decided to pay $1000 a ton for horse manure, then that’s what it would be ‘worth’.