In California, Home Sales Are Plunging Like It Is 2008 All Over Again

"What goes up must eventually come down.  For years, the California housing market was on the cutting edge of 'Housing Bubble 2' as we witnessed home prices in the state soar to absolutely absurd levels.  In fact, it got so bad that a burned down house in Silicon Valley sold for $900,000 earlier this year, and a condemned home in Fremont sold for $1.2 million.  But now things have changed in a major way.  The hottest real estate markets in the entire country led the way down during the collapse of “Housing Bubble 1”, and now it looks like the same thing is going to be true for the sequel."