“Could it be that housing is one of the few items actually priced correctly when the devaluation of the dollar is conisdered?”

How can housing prices be “priced correctly” when the reason for the outrageous inflation of housing in places like SD was fueled by a psychology of “Irrational Exuberance” and shoddy lending practices? Looking below North County, for example, it makes no difference if someone wants to claim that a bunch 50 year old home in South Bay or National City or Lemon Grove or Logan or elsewhere are “priced correctly” at $500K — when they are 10 times the household median income and unaffordable. Anyway it’s spinned, homes are not priced correctly if they are totally unrealistic in pricing to their potential buyer.

Despite the weather in San Diego –quality of life has less to do with sunny weather and more to do with whether you can do more with your time and $$ than service a mortgage that is 10X your income.

If hospitality is the largest growth industry – it does not pay enough.