[Hugh R]

More condos are being built here now. Also, lots of people buy further out of Los Angeles, like Palmdale and Lancaster; substituting equity for drive time. Its not uncommon for people to drive 1-1/2 hours each way to work. Lots of people with the "stated income" subprime loans, 40 and 50 year loans, interest only, etc. Socal has the highest foreclosure rate in the country, I believe. I bought my current house ten years ago for $360K and it got up in comparables, to about $900k and with recent price drops is still worth $800K easily. I had a 30 year fixed jumbo until six years ago, and bought down the jumbo and went to a 15 year. But I'm probably unusual in SoCal.