As far as I’m concerned this story and the others like it that will surely follow over the next year will complete the burial (RIP) of the last of the permabulls’ trifecta of ridiculous claims:
Real estate never loses value and prices always go up.
We’re running out of houses.
Prices can’t drop 50% or more off their peak.
Unfortunately for a lot of people, the pain train hasn’t reached the end of the line yet. It’s barrelling south on I-15 and west on I-8. Before this is all over it will pull into CV and PB. We may not get to -50% in the primo areas, but overall the -50% average for the county looks very possible.
