There’s always the possibility of the unexpected. Say the US being drawn into another war, a quake hitting a populated part of CA, or China imploding, for example. There’s no one force that has unlimited control over markets.
It’s also interesting that real-estate markets are very local. Two years ago when San Diego was at its nadir, people were saying that the New Jersey market was improving. Well, two years later, foreclosures are finally being dumped onto the NJ market, keeping it low and probably allowing prices to drop this winter.
