But there's an unpleasant odor to the company's actions. Maybe this will be a cautionary tale. Silicon Valley's commercial real-estate slump was overdue. What's amazing is that home prices have largely continued to hold up. I suspect that we're in for something of a bust there, too, though prices haven't dropped all that much from their nosebleed levels.
Home prices are the ultimate trailing economic indicator.
In my neighborhood, which has seen some of the sharpest increases in the past couple of years, I've noticed four houses for sale. Buyers were in a panic to own not too long ago. Now they're getting saner. Good for them. Dan Gillmor's column appears each Sunday, Tuesday and Friday.