[redgolum]

Yes, but only because people were using that inflated equity to buy things.

Now there is no equity, and hence no money. So prices slip a bit more, and the cycle continues.

There are houses out here that are sell for 75% of their 2010 values. We never got that over heated, but things are sliding.

[Tax-chick]

Yes, but only because people were using that inflated equity to buy things.

Oh, good point.

[BunnySlippers]

Homes are still appreciating here in L.A. Going up and still selling briskly.