According to Forbes, with help from Economy.com, in 2004 the affordability index of houses in Los Angeles was a stunningly low 57.21. In 1990 -- just as the previous California real estate bubble was popping -- the index stood at 60.27.
In San Francisco, the index in 2004 stands at 60.55. In 1990 it was 61.04.
There are a lot of overextended people out there in California, and a lot of jobs dependent on the construction and real estate sectors in the Golden State, too.
Look out below!