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The problem with that theory is there has to be a reduction in demand for some reason.
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There will always be demand for housing. The key element in the So Cal housing crash will not be demand, it will be the the supply. . . the supply of people who can afford to buy a house. California will eventually have a flood of homes on the market with sellers racing to drop their asking price in hopes of finding a buyer.
I've lived in a couple countries and a few states. Everyplace has its upside and downside. So Cal is no different.
Good luck with your decision.