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Hello? It is an enormous indicator of the cost of living here. Rents are high. Gasoline, thanks to the bright lights in the state legislature, is generally 25%+ higher than the national average, we have some of the highest state income and sales taxes in the nation (as as the "privilege" of property taxes, and on and on.
Whether or not the bubble bursts remains to be seen. The last softening in the NoCal real estate market occured in 1989 after a several year run up. The market went sideways for several years before accelerating in 1996. This contrasts with the declining prices in SoCal when the aerospace industry shed jobs. Considering that SV is rebounding, we may have escaped a true burst.
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