Just because it never happened before doesn’t mean it can’t happen now. If the scenario of price dropping another 50% in the next 3-4 years, then you can say CA RE never dropped 75% before, but it would be happening this time. One unprecedented event might cause another unprecedented event. Only time will tell. All I know is we’re in some unprecedented time right now. How often have you seen housing price drop 50% in 3 years?
