California is facing a long and painfully drawn out foreclosure and
budget crisis. From talking with average people it is apparent that psychologically, people have a hard time imaging a decade where things move horizontally. In terms of housing prices California is inching closer to a lost decade. We’ve already reached it if we include
inflation adjustments but we are getting closer to seeing a nominal realignment. Thinking about it on a longer term basis shows us that California is likely to experience a Japan like economy for the next decade. T
