I hate to tell you this, but I'm in on your game.
I try to bad mouth California as much as you do, and for the same reason. I'd like to live there, too, but without all the fools who are currently there overpaying on their rents and mortgages.
The bubble is due to burst, and I waiting to get in when it does.
Wait another 5 years until about 7 million boomers are on the dole. Without radical changes CA is header for bad times.
Oh, not to worry. Prices always come down after an earthquake. We are probably due for one in the near future. The trick is to buy in the year when everyone is panicking afterwards. You should find some fairly good deals then.
They say that prices should stabilize over the next 5 years. Prices have gone up like crazy, but that should stop soon. Historically, real estate goes up about 7% per year. We have increased far beyond that for the last 5 years. It has to slow down. A natural disaster could bring prices down for a short time. That's the time to buy.
When the CA real estate bubble bursts, a lot of people are going to lose a lot of money. However, a lot of other people will make out like bandits.