Believe me when I say this, a large# of people in CA are still under the delusion that real estate will turn around in a few months and start appreciating 20%+ per year, therefore there really is no need to work since their house(s) are working for them. I personally know about 4 different people who either own multiple houses and/or work(ed) in the real estate industry who are in in very grave situations financially if RE does not rebound quickly, yet they keep spending lavishly. One person admitted they burned through their entire savings and currently have no employment, yet the last time I saw them were looking to buy a new SUV, absolutely unbelievable!
