Carmel Valley is on the clock!
I knew this place well. Lots of upper middle class folks with plenty of savings. I’m sure some are facing resets, but they figure they can use their savings until the markets restarts the upward trend. All you need is one solid 10% down in the older part of CV, and that will get the dominos to start falling. These people in CV actually think they are immune from the greats housing bust in recent history so they are burning cash and hope to keep CV pricing stable for now! Condos are showing cracks, and SFR will follow soon.

Looks like SFR on the outer edges of CV are showing some hairline fractures. The crack will start widening and head for the 5 freeway, and then all hell will break loose!