LoL! You are going to use the very fact that the credit bubble is bursting to help improve your position. If housing goes down enough to make your purchase somewhat sane (like 50% around here in Northern VA), then the economy will be finished. If you buy at insane prices instead, then you are counting on the credit bubble continuing which will be followed inevitably by hyperinflation or deflation. Take your pick and enjoy your new property taxes!
I’m in Los Angeles and an LA native. If you are not a short term real estate investor, real estate only goes up in LA.
Really.
My family has lived in Southern California since the mid to late 1800s and all have made money in real estate. That and farming.
Really.