There were plenty of 800k homes in Carmel V around 03 and 04. Still, it's overpriced. But the pattern I would like to know is folks income relative to borrowing here in CV versus other places. During 03 and early 04 when we were looking around, several times we were outbid by folks doing close to 50% down and/or 15 year conforming. Again, not saying everyone was in this boat, but it did seem like plenty of buyers were well financed. 

As far as the issues with CV. Yes, I would agree a lot of the manufactured homes have general issues, but I wouldn't say it's worse than other manufactured communities. A friend who purchased a new home had her toilet backed up. Turns out workers had threw a few beer cans down the drain why working. Go figure.

BTW, when was the last bust? I thought CV was around only circa early 90ies.