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Here’s a compelling read. The article says CA is doomed because it is dependent on booms, going back to the gold rush days. The current real estate crash there is due to people who financed homes at too high prices because the previous series of owners overpaid.
BTW, our Az has some of the same traits though on a smaller scale. The primary industry here has been getting more people to move here. Change is now upon us.
Dagny's Desk 
Kay Julia said:
I agree, as I traveled around Arizona I would see Ghost towns and abandond mines and businesses and it reminded me that no matter how big or busy some
place was it could all disappear and end up rottong or rusting away. The way many things are built in Arizona it is as if they are building for a movie set not for the ages; like they knew it would be abandoned eventually. Sad,
that the get rich quick folks are still at it there and other places.