Rob showed a stripped 6-bedroom McMansion in the desert that's listed for $150k. But the house above is much more practical for the average real-world family. A typical "snout house," 1900 square feet, 4 bedrooms. Granted, it's out in the boonies, but it looks OK. It's also fairly new.
It sold for $344,000 in 2006. Now? They're asking $90k. That's a nice, tidy haircut and at $47/square foot those are Katy (north of I-10) prices. With that first-time buyers credit and a boring 30-year loan, it works out to $440/mo.
We are finally seeing rationality make a comeback. I said back in January that many of the more grotesque bubblezones around the country will bottom out this year and I stand by my prediction.
Californians are no longer insane. At least inland.