When the rates go up CA will not be alone in a value "correction". Last I remember you were posting links to LV homes for $500K+. When APR's hit 8%+ living in the desert won't be so trendy. At least I'll still be having BBQ's in a polo shirt and shorts come January.
Back on thead, a $400K trailer home is a joke unless you are getting ocean front/view property to the tune of 8K sq/ft or more cause the actual structure is worthless.