Yes, formersandiegan, it could happen again. I understand what you mean now.

Some people here (not you) seem to think that Del Sur, 4S, Carlsbad and Carmel Valley will hold up better because they are new and “nice.” I think that the new tract homes areas will be hit hardest regardless of income because they are comprised mostly of buyers with little equity.

sdnativeson, I observed the same thing you did in the 1990s. You might be right this time about the middle class neighborhoods. In the 1990s the speculation was on the higher end with S&L loans. This time, the middle class speculated just as much or more.