Even if London does drop as much as we do, our currency is crap compared to theirs. I remember reading about 5 years ago that the average American makes 1/2 as much as the average UK resident.
Don’t count on being able to afford London – I was there during new years and a cup of noodles was 14$.
PatientRenter – people in the UK, etc. don’t come and live in Carmel Valley because of the awesome climate… They might buy a second home on the beach in La Jolla or Newport – but they aren’t buying a home in a planned community.
The people living in So Cal make their money from being in finance, services, and other consumer driven things. You are in OC and OC has lost thousands? of jobs in mortgage brokering alone.
I think that as the economy cools and contracts – consumer spending will suffer and will drag down the economy. That and interest rates. Plus really greedy wealthy people and the folks that they keep electing.
