[quote=briansd1][quote=4plexowner]I suspect that there are many people in San Diego who maintained their ‘rich and famous’ lifestyles by sucking the equity out of their real estate as the bubble grew
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[quote=4plexowner]
they have resources to draw on – retirement savings, investments, family, credit, etc so they are able to hold on longer than others might
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I agree with you. it’s very prevalent in my opinion.
Nothing can bail these guys out but a return to the peak plus even more appreciation.
A recovery from the bottom is of no consequence at all.
These people are still living in denial as they exhaust their resources.[/quote]
I think most of these folks have already bitten the dust. Not all, but most. Anecdotally, most of the “pretenders” that I knew that were blowin’ and goin’ (essentially, almost anything real estate or internet-related) between 2000 and 2006 fell off the party wagon a while back. They defaulted, started renting, moved in with mom, etc. a couple of years back. But… there are still some stragglers that are holding on. I think we’re about 75% through these folks at this point, with most of the remainders to fall by the middle of 2011. That’s not scientific, just a guess based on what I see happening around me. And taking into account the fact that the peak of the Bubble is almost 4 years old now. It’s not too tough to hang on for a couple of years… but 4 years… that’s unusual resilience – even for deluded Californians.
