[RobRoy]

>>California home prices have been way out of control. Time for a correction.<<

Which will hit the rest of the nation. One of the things driving prices in other areas is people in CA selling, taking their profit and buying elsewhere, increasing demand - and prices - in those areas. If that flood of buyers ceases, it will cascade to one degree or another.

[Coldwater Creek]

I met a man in Foley, Ala. that had just moved there from Whittier, Ca. Sold his home there for an astronomical amount, and paid .10 on the dollar for his new home in Foley.