“From the outside they look financially successful but a combination of factors is now biting them in the ass:
> house prices have dropped so there is no more equity to be extracted
> house prices have dropped so there is no way to refi the property without putting cash into the deal
> lending standards have gotten tougher – no more ‘fog a mirror’ loans with 0 down
> HELOs have been frozen

This combination of factors means no more housing ATM for many supposedly ‘well-heeled’ San Diegans”

couple that with a jobloss or two and you really get a viscious cycle going. I’m telling you guys, some people have no idea what is coming down the pipe and it is not pretty.