LA Times reports that

Rising gas prices may be the latest ailment afflicting the housing market, as figures released Monday showed Southern California home prices plunging 27% in May from a year ago and falling even more precipitously in distant suburbs.

People are willing to spend all that time stuck in traffic, but an extra $100 a week in gas money does them in. You would think the extra time would matter, but I guess people do not value their own time.

Then again they would probably just use the extra time to watch more lame TV so maybe their time really is not worth that much.

Or, is it that some people have never been out of SoCal and don’t know that absurd commutes aren’t necessary?