Quality thinking material there and hard to argue with your logic as someone not intimate with the area. A further 30 % is not assumed in Wall St by the way!!. Though the apartment sector there or in all of SD does not represent the whole country, it may represent the mortgage sectors whose negative dynamic is causing all the damage.

Bugs, would appreciate knowing where El Cajon sits in terms of the quality of typical mortgagees. Is it sub-prime boom walkers or Alt A long term sitters who don’t want to mess with their credit rating or……….?
Thanks
Graham