@Moises PerezIt is usually a very highly volatile strategy (high risk) with high leverage.

So volatility is very different between the two.

It'll be interesting to see how Cleveland progresses through this period of volatility and uncertainty.

I agree with you that real estate market here is not as volatile as some other parts of the country.

A three-year cap is around 0.2% to 0.4% of the loan amount lately, but prices do vary depending on interest rate volatility. 

I know more than one person who has considered leaving California and moving nearer to home in hopes of settling down and possibly raising a family - and not just because they'll be closer to family.As you mentioned, real estate is notoriously volatile, and if you're a more conservative investor California is one of the last places in the country that's likely to feel comfortable.

Time and time again, I hear that the military (Navy, Army, Air Force, and Coast Guard) are constantly moving people into the area which means that compared to other markets, we are stabilized and don't have as much volatility as other markets.

You don't have any volatility issue with down years.

More volatile, but an interesting investment and trend.   

Buy high-quality liquid assets that can be disposed of in event of significant currency/bond market volatility to raise cash and avoid deflation.