Population density in urban Spain vs SoCal is a whole different ball game. I don’t see housing shooting up much further, not straight up at least.

Remember — that’s what everyone was saying in 2005. Blah, blah, yap, yap, buy now because homes will never be cheaper.

You’re also assuming that the LTV on the homes was sane in the first place. I’ve recently seen units where the total LTV of all loans was 20% ABOVE peak bubble value, so even if values exceeded bubble pricing, they’d still need a short sale.