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If houses in hot markets truly had economic / inherent value, for example the quality of life improvement / job opportunities, then that can’t really be lost.

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Job opportunities in the bay have clearly soured over the last year. So yes, real value has been lost.

In that case, if houses are so correlated to the swings of the job market, maybe they aren’t such good investments after all.

it's always risky to buy high in a bubble

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