[Fishing-guy]

Just curious. Would you call the housing price downturn of early 1990's a bubble.

I remembered that some of the upper-end houses actually dropped 40-50% in value in California.

[nopardons]

Real estate has ups and downs,without ever being a "BUBBLE".

True real estate BUBBLES are usually,though not always,not centered in just one city/area/state.

I'm not an expert,by any means,and I'm not all that familiar with real estate prices and its history in California.But for a BUBBLE to burst,it really has to cover more than just the highest end of the market.Sounds like just a downturn to me,though.