I think LA is fundamentally different; its quite varied in terms of employment (manufacturing, entertainment, retail, service, distribution, technical, medical, etc.) and I believe it has peaked (or is peaking) later than S.D. or Sacramento. As housing “beliefs” largely travel person-to-person, not necessarily via this website, L.A. has not had quite the word-of-mouth negativity on housing that other areas are experiencing. It is coming, however. All of the above listed employment sectors, and some I didn’t think of, relate to consumer spending and the “wealth effect”.