Mercury News: Newcomers, lifetime residents say farewell. Disillusioned dot-commers not the only ones high-tailing out of town as the economy turns sour.
The people across the street from me have lived in Silicon Valley for a long, long time. They sold their house last week and are moving out of the Bay Area.
I didn’t ask specifically, but I gathered that they were leaving when they thought the time was right — before property values start what we all believe will be a harsh decline one of these days after the massive run-up in prices over the past few years.
People are holding their collective breaths around the Bay Area. Rental prices have plummeted, even if sale prices haven’t. I hope the housing bubble doesn’t burst, because the economic damage would be awesome. A slow decline would be far preferable. I wonder which it will be.