Then again, I also lived in Orange County during the 2006-2008 downfall and saw the epic rise and catastrophic fall of New Century, Ameriquest, etc.

It doesn't make much sense to people why someone would live in a town with a closed coal mine that has no way of ever opening again and not just move to somewhere with a 21st century economy.Of course, the reasons can be a little more complex, but this question can be asked just as easily as someone asking why people live in expensive coastal cities.

One thing to remember is some of the wealthiest people in the twentieth century made their money during the great depression. 

I had only purchased the property a couple months before applying for it and it was done thru Century National Bank.

@Jamie FankhauserFor a long read, look at "Capital in the 21st Century", Thomas piketty.

Baron Rothschild, an 18th century British nobleman and member of the Rothschild banking family, is credited with saying that "the time to buy is when there's blood in the streets."

It's an older building (from the late 19th century), and I thought about getting the sewer main video scoped in addition to the standard inspection.

Whatever you all do, please don't stop this back and forth, because someone is going to be right, inevitably, and he or she will be able to sell seminar on 'Predicting Real Estate Markets in the 21st Century', and I want the first copy.

My belief is the smartest investors invest in the higher appreciation markets and the numbers back this up.Case Shiller lists these markets as the three markets that have produced the best return for buy n hold this century (2000 to now): San Francisco, LA, San Diego. 

@Joe VilleneuveSo this amazing discovery for me is actually a practice that has been used since the 19th century?