I'm pretty sure in the last year plus with interest rate increases, the value of "for sale" real estate across the "bay area" from napa/sonoma down to monterey

I'm pretty sure in the last year plus with interest rate increases, the value of "for sale" real estate across the "bay area" from napa/sonoma down to monterey county, maybe lost value in the billions, but $260bil? no. Look at sales, yes, they have slowed, but demand is still incredibly high. My primary residence is in a rural county north of Truckee/Tahoe - housing prices in the last 7 years have doubled or more (wide area, wide variation), truckee/tahoe way worse. I don't see the argument even if you extend it beyond the city. Santa Cruz - houses picked up for $1m or more turned into student ghettos pulling in $5-7k/mo in rent. (my other neighborhood). 260b is a load of bs.