Psychology hasn’t shifted yet for the masses. I was at a party last weekend and talked to two people about real estate. One person claimed that real estate has never gone down in value close to the beach in LA (therefore it is a safe purchase now). Another person made the comment that anyone who wants to live in the Phoenix area better hurry up and buy now before prices go up any more. I responded that prices were going down in Phoenix and that the inventory was huge. He looked at me like I deserved an award for idiot of the month.
