A measly 3 bed 2 bath 1250 sqft house in LA sold for $800K in 2008. Now, it is worth $1.8 million. That's a $1 million equity/gain/profit. Why don't CA home owners with million dollar equities cash out and sell, and move to cheaper areas? Maybe even retire? Are they staying put for their jobs? I would just quit my job, retire, and find a beach, if my house had $1 million in equity!