Noticeably missing from this story –
1. The 90s economic downturn in CA was second only to the great depression
2. unemployment was ~8%
The 90s housing downturn did not magically happen in a vacuum; the CAUSE was loss of jobs due to aerospace downsizing. ~500,000 jobs total lost statewide.
If the current economy was as sick as the 90s economy I would also jump on the 25 – 30% or more median price loss bandwagon.
