Have an investment horizon and cash reserves to exceed most cycles.

So trying to expand my horizon.

I just relocated to Spain in order to expand my horizons and step outside of that comfort zone which was all too familiar.

Southern California resists this and is more orientated as a horizontal / automobile dependent city.There is probably not a crash on the horizon for your market.  

When you have had no new construction for this long and no real jump in new construction on the horizon, you're simply going to reach a tipping point where the demand is going to push housing prices up and not down.Add in the fact that there is less supply out there these days and the job market has improved significantly since the bust period and I think the opposite is true.

Rule # 1 - Don't do it.Rule #2 - if you have at least 10 years horizon, buy CA...

It depends on your time horizon, your expected rate of return, and the favorability of the financing scheme.

Perhaps if your time horizon is in the next 3 years, you might get a little scared because anything can happen over a "shmedium" time period like that, but as an investor with a long-term (30+ year) view of the market, I see plenty of opportunity!

It's not for everyone due to long horizon.

There are alot of tricky situations like this on the horizon given the circumstances.Thanks in Advance!