Prices increased over 300% in 5 years. They'll give at least 1/2 of that back before it's over.
Those who bought 4 or more years ago will be able to ride it out IF THEY CHOOSE TO AND IF THEY KEEP THEIR JOBS, but those who bought 3 or less years ago...especially with very little down (40% of all buyers) will take a very hard blow.
Socal and the Bay area are worse.
People always forget...
in Southern Cal the last time it collapsed, it took over 8 years of paying down your mortgages just to be able to sell for break even.
This time it will be even worse.
I’m in SoCal and you are correct. It is getting bad here in the inland empire. This is just the first wave. This is going to, if not already, effect how people spend their money. Luxuries and entertainment will go first. Monies used for necessities only.