Bugs I disagree. Based on a premise that the liquidity/credit bubble is global not local. Its tough to move overpriced assets from one class to another when they are all pretty much overpriced. Once the music stops, and yes it will take longer for the music to stop in places like La Jolla and Del Mar, the collapse will just as bad there as everyplace else. I didn’t see either Del Mar or La Jolla in the the top ten list of communities with high savings rates on Yahoo finance friday.
