Part of the problem was the very greedy homebuilders that build home on top of each other and take advantage of the homebuyer. The homes in California are built cheap and were at a ridiculous price 3 to 4 years ago. We purchased a home in Utah, had all of the upgrades without extra bucks. It's unfortunate that the greedy contractors/homebuilder/developer thinks they're property is worth so much. I guess you don't think so anymore. I'm glad home prices have fallen in California, now they're at what they probably should be. It's also unfortunate that there were predatory mortgage lenders too. They should be held accountable for their actions and these stupid sub-prime loans. There were a lot of gullible people out there when it came to these sub-prime loans.

Vicki,

Don't forget the greedy homebuyers and flippers in your list of villians.

Way to go investors and speculators... thanks for screwing up the home market and economy.