Ah, gdcox, you give us Colonials too much credit. No, you’d like to think that Americans learned from the dot-bomb bubble only a few years prior (or that San Diegans had learned from their housing bust 10 years prior to that) but that’s not how it happened.
The vast majority of the hordes of people offering up the new paradigm arguments for real estate were American citizens. Memories appear to be very short here in the states when it comes to get rich quick schemes.
