etaka wrote:
> [...]. Like how
> houses here average over $700,000 and prices are still increasing.

They're not. Some people have huge interest in making you believe they 
still are.

> People on my corner are asking for 1.4 million and one and a half
> million I think, for their houses.

Well, the non-sense is soon over.
See here, the very fact general media begins to ask that question is 
giving the answer :
http://www.moneyweek.com/file/7667/is-the-us-property-bubble-about-to-burst.html

And we're talking about a market where the backlash is always as 
nonsensical as the rise was. It's going to be a big ride down.