That is a possibility and I’d agree for the most part with your historical reference. IMHO I think that there will be a lot of folks who won’t be able to lock in lower rates and (even if they could) will be even more hard-pressed to hold on to their property – in an inflationary market, so I don’t think if it came to pass it would be too much of a wrench. I’ll throw another caveat into that with job security, if inflation keeps going up and some of the proposed tax increases that are floating around congress at the moment come to fruition, that will be a serious issue.

I think that in a lot of market places around the country the initial statement holds true with little modification but, I feel San Diego is different this time as far as it’s housing values and income disparity compared to previous cycles.