I live in So Cal too and housing market here is definitely a bubble.
The prices are high but they are not rising as fast. There's also a mis-match of jobs and income to buy the pricey homes that will be corrected one way or the other.
When the housing market bubble pops, California will experience another budgetary crisis but this one will be more severe since the drop in property taxes account for so more revenue than did the Dot Com companies.
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