In our community housing values are down 12 - 17% over a year ago, 30% from 2005. 48% of current sales are foreclosures sold at a reduced price, thus further eroding home values. Sales are nearly flat with only 97 home sales in February - all this in a county of 100,000+ population.
Got an appraisal letter from the county yesterday showing our home was appraised at less than we paid for it in 2001.
In 2005 were the home sales driven by fleeing Californians?
I know NV, Id and to some extent UTah and MT were overrun with expat CAliflowers in the period 2000-2007, now they have no money and so the boom is over.
We saw a smaller version of this in the 80s when the Califlower real estate market boomed (overheated) and some folks split then....