About West-coast and other issues

One of my close relatives in the bay area just got laid off. He was supposed to be married in a month. He didnt even see it coming although he was given some signs a week before. Things continue to be grim in the tech world and bay area in general.. whihc brings me to the eternal question asked by people who land up in the bay area: whats up with the housing?? 50 year old musty houses selling for half a million. This is a grim situation.. i myself have been wrestling with the idea of buying a house, but all i can afford here is some dingy condo. I think southern california has some up coming areas in this respect. Can we safely say that northern california is MUCHO overrated??