Depends one what NorCal you're talking about -

The Bay Area is very "dip-resistant." Only during the Dot-Bust did people see housing prices go down. . . and that was only if the house was $1.2M or more (or $350K or less - when/where I bought in).

The LA Basin is HUGE. The (San Fernando) Valley is HUGE. So long as you have a very finite amount of space (The Bay Area does), two good ports, lots of diverse jobs (that pay well on average), 2 world-renowned colleges (and several VERY good ones) that keep producing new ideas, you have a lot of factors that will keep housing dips in check.

Now, if we're talking Sacramento, Central Valley, San Benito Co. or Monterrey Co.. . . that's another story altogether. A lot of that housing is just gonzo-commute housing for the Bay Area. That housing is VERY prone to a price correction.

 

Just moved in to my new pad last week. New construction 2800 sqft plus 1400 in the basement, three car garage and lots of extra on half acre wooded lot for a hair less than $360k. The builder threw in a new plasma too. Cheap compared lots of places.

Downside is at least half the women are major fatty boom-booms, you can freeze your nuts off a few months per year (and must store your fun car), and the football team(s) suck donkeys. (when they aren't taking up with hookers on a cruise boat)

But for today I have a low mortgage payment, it is 76 outside and I am driving the S. That probably means it will snow tomorrow.

 

$360 is a low mortgage payment? Isn't that around $3k a month?

I've been looking around Philly PA and I can tell you this market is et to drop hard. A LOT of homes in the limerick area have been sitting for months and months and almost every home hase a reduced sign on it. Too many homes and not enough demand for a 1800sf $230k townhome now. Shoot even single family homes are sitting around for months at $250k I decided to put a hold on buying a home for at least 3 months because it looks like the Shiz is very near the spinning fan.

 

I had about half up front from previous housing purchases. I have been lucky with my home appreciaition in the past.

 

That's great if you're not a first time home buyer!

 

Utah is pretty cheap. Come here and live like king. But then again, you will be living in Utah.

1600 ft^2 townhome, two car garage for $130k. Located in the second largest city in UT, about 30 miles north of Salt Lake.

EDIT: And these are brand new, "expensive" homes.

 

Damn you, damn you all! I wouldn't mind moving back to rochester except for the fact that there isn't any jobs or sunlight but plenty of snow and depresion. Nice house 80-100K

 

so yeah, i might move to indianapolis - at least i'll catch F1 live once a year...

the problem is the lack of good (real) chinese food in the midwest. any restaurants that serves up fortune cookies ain't real chinese in my book

 

Theres a few up here, gotta know where to look. Shuang Cheng and The Great Wall are really good. Far more Vietnamese joints though.

 

you pay a premium on housing in CA so you can get a nice steamy bowl of pho or a nice greasy shiny piece of dim sum....