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I’ve browsed through the San Diego MLS a bit over the last few days, and I’m seeing quite a few spec-type owners who bought in the early years of the decade looking to cash out. You might want to keep an eye out for that phenomenon. If owners start to buy into the idea that “there’s no sign of a bottom,” as many national commentators have suggested, then the cash-out/trade down mindset might take hold. If that happens, look out below.