California, Florida, Arizona housing prices: deflated, but still way overpriced

A Wall Street Journal analysis (subscription required) recently found that the bursting of the US housing bubble hasn't made homes in places like California, Arizona or Florida that much more affordable. It says these three states remain expensive and overpriced, by as much as 40% in California alone. The article finds that even though real estate prices have dropped sharply in these markets, they remain a staggering six times the size of average annual incomes in each state:

"In all three markets, the prices are well off their peaks when compared to incomes. But they remain far above historic averages...Even if house prices stabilized, it would take a decade or more for rising incomes to catch up...Even if house prices stayed exactly where they are, it would take around 10 years for rising incomes to bring the ratios back into any sort of alignment."

For those living in these states or considering residence or real estate investment in them, there is an alternative.  A much more compelling one. It's captured by two words:

Discover Serenity.