Water crisis in CA to affect REI?
I've read three articles from major outlets stating that CA is about to undergo a major RE crash, catastrophe and down fall. They indicate that the drought and restrictions on water usage will cause RE prices to fall to rock bottom! Some properties have taken a 30% decease in value since last year! In essence what they are saying is that nobody will want to buy homes do to the crisis.
I have mixed reactions.... yes there are cut backs on usage and thanks to our government, the $1.4 trillion dollars worth of water that was dumped into the ocean to save a 3 inch "possibly endangered" guppy didn't help us. Nonetheless REI is still happening in other dry areas such as NM, TX and AZ. Your thoughts?