He also sold his Equity Office REIT at the very peak of the market in 2007 to Blackstone for $39B.

I think the author of the original post almost predicted the peak in the current Real Estate and Economic cycle.

You are right, most of the judgments are far over what the property is truly worth/auctions are won for, but generally speaking most of the houses hitting foreclosure these days were purchased in the mid-to-late 2000s at the peak of the market and are no longer worth what they were then.

Let say the current house cost $100k, say it peak at $180k, say it has a 30% dip.

@Jay HinrichsLol...While I agree that longer term, real estate is always up,up, up, it is a real possibility that one could buy at a peak and watch his price go down for the next 5-8 years....I saw my neighbor buying in Feb 2018 for $2.45M and now worth $1.85m if that Since I am only in Bay Area and don’t see things outside, I am curious on your view for the next 2-3 years...Care to share?

After meeting with several agents, the market seems to be at its peak now.

Being close to a peak in economic cycle and possible student loan bubble, this city could be headed for regression.  

Take a peak into the basement to see if you see any major cracking in the foundation walls or floor joist problems for peace of mind.  

@Bob B. Yes

I looked up El Paso (Pikes Peak Regional Building Department) but I didn't see anything specific for building codes.