patrick.net

Tom Stone says

The idea that there is a "Bay Area Market" is ludicrous.

As far as I know, Bay Area is an area of contiguous cities. This means that a crash in prices in city A, will bring down prices in city B, right next to city A, because, city A will become relatively cheap in comparison to city B, and people would buy in A, instead of B, bringing down prices in city B. Extrapolate that to the entire region, and voila, you have an all-bay-area crash in prices.