I think that your belief that we can extrapolate to a degree is a fair assumption.
“Being that S.Cal is far more desirable the cycle is a few years delayed but the prime areas WILL come down to reality.”
I fully agree.
That article (if one actually reads it) points out SDs position and seeming quandary very well. Which is to say that desirable areas defy gravity the longest but eventually succumb to the bursting of bubbles? Should not be a surprise to any of us.
“ The ZIP code 85007 in central Phoenix, which houses more than its share of Arizona bluebloods and political insiders, was largely unaffected by area foreclosure activity in 2008, even as neighboring ZIP codes saw home values lopped in half.
But this year, the median home price in 85007 collapsed, falling 76.5 percent in the first eight months, according to analysis by The Arizona Republic using data from the Phoenix-based Information Market.”
