They might be .... But you really dont need their forecast. Its simple. Look at the cost of an average house and the average wage in the area to support it. The two do not equate in most areas of the state. Look at california's job growth rate and the growth of compensation in the state. No matter how you cut it, peoples income did not triple or quintuple to match the runup in housing prices. No further analysis or expert opinion is needed .....
To put is simply, the amount of people in CA an other high living cost areas taking interst only loans and negative am loans is criminal. It will only take a few of these poor suckers that took out these loans to loose their jobs or get laid off for things to start getting ugly. Add in a few people that took out adj mortgage and you get a recipe for disaster.