Quoted: No speculators huh? I know of people paying $350 to $500 last month for SMUD (electrical) in california.  I don't think people will want to sink serious cash into bigger/expensive housing with utilities like that.

Those are crazy high power bills - but reasonable for a typically 7500 square foot home based on my utilities. I have a four bedroom, three bath, three car garage and paid $85 for June, and $135 for July. I live out in the desert where we had two weeks of triple digits in a row and that last month was the hottest of the year. Our heating costs are not worth mentioning - last year in November through Feburary I might have spent $15 a month heating the house.

I'm hoping people continue to buy the $350,000-$450,000 four and five bedroom homes out here because someone is going to have to work in all the good paying jobs that are being created here. A major local transportation center is being developed here creating 15,000 direct jobs plus several times that in support jobs. There's probably 1,500 brand new homes being built just east of me in Moreno Valley to house the 45,000-50,000 or people that will move here to work in the complex. They simply can't build and sell the homes fast enough - when a new phase comes in people actually bring lawn chairs, blankets, and coolers to get into the lottery early.

California continues to take in 400,000 to 500,000 Americans every year. Sorry people, the place is full. Go somewhere else thanks.