If they lose their job in San Francisco bay they just take a new job in San Francisco bay. This is, IMO, why housing essentially never goes down in the bay (unt

If they lose their job in San Francisco bay they just take a new job in San Francisco bay. This is, IMO, why housing essentially never goes down in the bay (until either Prop 13 is repealed or the big earthquake hits and a lot of people are scared out of town). But there are plenty of areas in America where if you lose you're job you're moving, regardless of whether you particularly want to. No one wants to sell stocks at a loss either, and yet people do. So my bet is that if there's a recession home prices will go down. Time will tell.