The “it’s different here” statements are made even in the middle of Santa Fe, New Mexico. My friend lives in Littleton, CO and just sold his home last month for 10k less than what he paid. Now people think 10k is not that much but to a 180k home it is enough. Especially when you lived there 3 years and at least expected some appreciation. But for sure CA will be hammered more so than CO. You can’t even compare the 2. Especially since 25% of all RE dollars generated in the US comes from CA.
PS. I can not imagine that the 29 foreclosed homes on mocking bird lane are letting the other homes on that block have any appreciation. Foreclosures have a large impact if there is a bunch on one street. Than I think you will start seeing statements like “it can’t happen on my street”. “My streets special”.
