Always watching the market.....

I read an article today on the declining real estate market and which cities are most likely going to be hit the hardest with declining prices. Interesting enough our little city was not listed. Long Beach and Irvine were listed due to their inflated prices over the past 5 years. I think it's just absolutely crazy that homes that were $400K in Newport Beach just 8 to 10 years ago are now $1.2 million or somewhere near there. It just dosn't make sense, that nearly the exact same house one zip code over is $500K less. One zip code meaning one street over.