Well, I think they have, but there is a vested interest in keeping the housing prices high.

And as much as I hate it, I do understand it. CA asked for this problem and now it will be hard to reverse. What would you do if you had millions of dollars tied up in your home and it was your only asset of value?

Argh- I'll save myself some typing :) - I commented on this here on another post: https://news.ycombinator.com/item?id=16540488