[quote=kewp]Again (and I promise, for the last time), that person could if they so desired list that house for below current comps, sell it quick and walk away with a pile of money.

How many of these folks you think it will take to lower the comps to ’01 levels everywhere? Not many at the rate things are currently going.
[/quote]

Whether they sell or not is irrelevant. Folks who bought in 2001 (or even 2002 for that matter) or before with decent mortgage terms and no equity extraction can easily rent their property out for positive cash flow (at least in the central SD areas I follow). These folks could eventually own their property, primarily at the expense of renters.