davelj – thanks for your post – you make two excellent points that I think deserve repeating

1. ALL bubbles revert to the trend (OK, only 27 out of 28)

2. prices are set at the margin

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point #1 is why I am confident that I will be buying San Diego real estate at 1998 prices

point #2 is why the rental market in San Diego is in for some hard times (if you are a landlord) – rental rates are also set at the margin