[ReagansShinyHair]

A huge number of otherwise successful middle-class and UMC Californians, are now in the process of watching, daily as they go upside down on hugely overvalued houses.

The house we sold in Riverside went up $50,000 in one year back in 2002-2003. Now, there is a very similar house for sale on the same block with an asking price $50,000 more than that. FIVE YEARS later. Conservatively, those houses have gone down more than $200,000 since the peak.

[P8riot]

So if we wait long enough California will either become more affordable, or a suburb of Mexico City.