I guess. I just can't fathom how anybody could have any information at all about property values anywhere else and still look at the housing prices out here and think, "Gee, it's a great idea to buy!" For most (the overwhelming majority of) people it's much cheaper to rent than service a mortgage here, and while there are positives to ownership (e.g. control of the property), it strikes me as less than financially rational to believe they outweigh all the many negatives (opportunity cost, cost of ownership, etc.).

The only good reason to buy in the Bay Area is to be able to control the property. Buying homes as an investment is risky anywhere, but it's especially stupid around here for most people, simply because the expected ROI is so much worse for a given sum of money than can be had in almost any other investment. Only the super (top of the top 1%) have any business putting "home ownership" and "investment" in the same thought for this area.