[quote=AN][quote=Arraya]I think prices will get cut in half again.[/quote]
I’d love to see that. I doubt it’ll ever happen though. If it does happen, at least 50% of us probably won’t have a job and the other 48% won’t be able to buy the house anyways since it’ll be cash only deal.[/quote]
Home prices in So Cal have been half of what they are now most of the time. It’s only in the recent mega-bubble, and during the frothier peaks of the prior bubble in the late 1980’s that they reached their current level (which is down from the ridiculous all-time peak of 2007). During all those “normal” years in So Cal, people worked, slept, ate, laughed, bought homes, sold homes, etc.
What is truly nutty is that people think that reverting to normal will lead to the world falling apart. Nonsense.
