One of the comments at the bottom of that newspaper article says it all as far as what the fallout will be:
P.D. Asilomar wrote on Jun 2, 2007 11:40 PM:
” When the full magnitude of the REAL problem becomes evident, the air is going to rush out of this inflated real estate market like gas out of the Hindenberg, with similar results. Southern California is the only place where you can pay five times what a house is worth, and then watch it burn down five times or collapse in an earthquake twice before it’s paid for.”
