"It baffles me how some people in [California] are able to put aside the Alt-A and option ARM data, the fact that the state is fiscally insolvent, the record breaking 11.5 percent unemployment, and with a straight face say “we are at a bottom.” In addition, I have read on more than one occasion on what many would consider fiscally prudent financial blogs where people pinch pennies and dollar cost average into the stock market preaching the ways of the tortoise. Yet in some cases, these people for whatever reason (i.e., wife/husband wants home, new baby, we need a pool, my cat needs his own room, etc) bought near or close to the peak in California in the mid to upper priced areas! This one simple act negates years and years of financial prudence. It baffles the mind but people aren’t robots and sometimes psychology throws a lasso around their common sense and drags them down into wonderland." - - - Dr. Housing Bubble