Raybyrne you are truly clueless about what has really been driving this bubble aren’t you? It was not rich people moving to SD you idiot. It was a global liquidity glut ala Alan Greenspan and the Fed trying to stave off a recession earlier this decade. Loans were dirt cheap and the M3 went through the roof. Places like SoCal have always had boom and bust cycles in real estate and this one was artificially induced to absurd heights. The only thing we are headed for is credit contraction and asset deflation. Get it through your thick head already.

A lot people here need to stop looking at this a local phenomenon. It is not.