Housing prices are falling all over Southern California; sellers are kicking cash back to the buyers in many sales. That’s not recorded at the county and is a hidden bias that you can’t see. Also, new homes are giving more upgrades for the same cost — again it’s effectively a price drop not reflected in the sales price. I think you’re seeing a gradual awakening of the public to the fact that homes (for most of us) are things to live in, not speculative investments. This sentiment is going to grow and grow and it will help prices slowly come down over the next few years. Dollars are going to become worth less and less over the same time, so the average home might still be $400K or so. I don’t think people here are disgruntled, we just like watching the market and discussing what’s going on. It’s fun!