I always refer to people who bought the day before the market crashed in 2008.

Prices rose to levels above pre-crash in a matter of 2-3 years and in the past 6-9 months prices have been decreasing already in some areas(~10%), both for condos and SFH.It will be interesting to see what the correction is for condos.

I bought in Pittsburgh after the crash and everyone told me I was crazy (now I get 10 calls a day from investors wanting to but my properties.

I remember one of the guests on the BP podcast from Pittsburgh saying, "You don't get the hangover if you're not invited to the party", when they were discussing the crash in 2008.

if the market crashes, people will need a place to live, so it doesn't flow that rents will also drop. 

As you said, there is very little inventory, which creates bidding wars that drive up prices which now exceed pre-crash levels.

If we  panic and let out emotions believe we are going into a crash, then we will bring it into existence.

Since the market crashed in mid 2000s people on BP have been waiting for another crash.

Hi All,I’ve been learning a lot reading though the threads in this community and finally have something to post about.My background: RE appraiser and loan financing way back pre-2008 crash, helped family landlord multi-units while growing up.Situation:Inherited a duplex but thanks to the change in California Prop 19 it will be reassessed to current market value.

The lender most likely will freeze the HELOC if the value drops but you can reapply at the new appraisal (maybe) unless we're going through another crash (god forbid).