[quote=denverite]Although I don’t live in SD, I do speak with a resident of North County. The prevailing belief seems to be that RE prices are and will remain stable, and perhaps rise. There does not seem to be any kind of panic. Additionally, the rate of job turnover (household moves required) is exceedingly low. It seems that most people are just hulkering down and trying to wait out the job and housing recession, therefore, no must-sell organic inventory.[/quote]

Sorry but any analysis that has “organinc” anything is completely suspect (IMHO) for north county real estate. From my observations there is huge amounts of “shadow inventory” in North County – supported only by the bailout. In a way North County San Diego homeowners are the uppercrust of welfare recipients.
See http://piggington.com/who039s_getting_the_really_good_prices
It is well documented (and forcefully defended by some on this board) that the real market is nothing we mortals ever get to see. If that is the case…..then “logic” or “organic” do not have any credibility. It is who you know…when you know them…. all IMHO of course.