BTW, most of the new home subdivisions in Carlsbad are already showing losses of 10% and more off their respective peaks. CV may not be cracking yet, but if the current trend continues it’s day will come too. If the region takes the 50% hit, CV may only take 35% because it does have that more central location to meaningful employment.

I daresay that 35% of $900k is a lot of money to most people, even those who live in CV.