As Paul said, you seem to identified the issues. To which I would add these thoughts -All real-estate markets are local. Even within Palm Springs I am certain some areas will appreciate more, some have had more price depression, etc. I happens the county I live is in Q1 of 2012 had an average house sale price less than 50% of the Q1 2007 price. Our specific neighborhood is is down between 10% and 15% form Q1 2007.At some point in the next 8 years, I fully expect inflation to happen - when that does, interest rates will rise - affects mortgage rates. Depending on how fast interest rates rise and the amount of inflations equity prices may or may not increase. Personally I would view the issue this way -- is investing in Palm Springs real-estate a good idea or not - i.e. forget your retirement plans. And don't forget second homes and rentals today generally have higher down-payments and interest rates.GordonAtlanta
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