Employment is not a birth right. This will become more painfully obvious in 2009. For the people that stayed careful and did not over extend themselves, this is your time. I still remember that the last RE dump started in 1990 and by 1995 you could get great deals. This contraction is looking way worse. So I’d say if this started around 2006, then by 2011, there will be very good deals to be had. Buy all cash and be done with it. Of course, there’s always the state of CA to screw you with taxes. That’s the big unknown going forward. IMO
