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"California median home price already collapsed from $550k to $311k (in October 2008), without any Depression. Ditto for Florida. A 40% reduction in an economically stagnant year. Median price in California will go down further to around 250 grand, where it should be. Something similar will likely happen to New York. A 40-50% correction following perhaps the largest global housing bubble ever is not the end of the world." [Flashback to the 1980's: Rock Bottom Real Estate]