patrick.net

Don't know if readers here read Times regularly, but this article from Times, written by an indian, is very interesting:
http://www.time.com/time/nation/article/0,8599,2026776-1,00.html

I saw two homes in palo alto, both only 2 bedroom/1 bath in a large lot, one asking 900K, and the other 1.3mil
I look on zillow.com, in palo alto that is pretty common(west of 101).
Palo Alto, is like cupertino, saratoga, etc, an enclave of well heeled owners, well established area. Another home, the
original owner had to move to a senior retirement home, and the house sold at 10 times the cost, sold to someone who
dreamed of living in PA. This someone used the easy financing to get the house, lost the job, and the house foreclosed.
This does not happen very often in these areas. It is just a glitch/hiccup.

So these areas will never see a significant drop in price, not even in this economic mess, to the affordable levels that
the avg house crash reader have in mind.