When housing prices come down another 10%-20% into a “normal” range of price-to-rent and the credit crisis eases up – yup, could be another two years – folks will start moving to CA again. The weather hasn’t gone anywhere. The problem all along has been the cost of living, the biggest portion of which is housing prices. Once that rights itself I think in-migration will return, albeit slowly. But for the last 5-6 years, frankly, it didn’t make any economic sense for folks to move here and buy a house. That’s not sustainable.
