sdr: Wow. Talk about cherry-picking the data! And something called “short-termism”. What do those dozen or so cities with the biggest price declines in recent months have in common? They have all doubled or tripled in value in recent years.
Imagine you long ago picked an occupation in great demand where the average salary has doubled in the most recent 5-6 years. Then a “black swan” event comes along, hurting your industry more than others. Your income is reduced by 10%. Did you make a mistake? Did those who moved to Idaho 5 years ago make a mistake?
The black swan event was, of course, the doubling or tripling of mortgage rates, which apparently most hurt the fastest growing areas of the country. But the exodus from California continues, and shows every sign of accelerating, even from beautiful San Diego.
