Bubble burst a few years back. It came back. It always comes back. I live in a very desirable area, we're fine (despite our fire ). California's population isn't going anywhere. People say there's a mass-exodus...not true. While people are moving out, people are coming in too (from other states). Recently we had people move into our neighborhood from Texas (a couple of families), Idaho, Oregon off the top of my head.
The only way we'll get out is if my daughters relocate elsewhere (even then, we'll keep our Wine Country home). One will be moving to Buffalo soon after college. The other is a free spirit. Who knows what she will do or where she'll end up.
Cha-Ching!!