Could be John. I have posted my opinions before about the dichotomy of old money verses new money neighborhoods. In an environment where you have two similar runups but one is say a Pt Loma verses perhaps a Carmel Valley or Santa Luz naturally I would put a slower decline in Pt Loma. One of the factors is one you pointed out or to broaden the scope, the sellers are probably suited with many other options rather then having to sell. I would also anticipate a higher volume of speculation occurred in the newer areas. Looking at the number of broker or realtor owned homes is staggering in these new areas. So yeah there is no doubt in my mind that there will be more foreclosures and such distress in the newer areas. It is not say classic Pt Loma will not or has not come down because it will. I just don’t believe it will be as fast as many people want nor as grand of a scale as people want.
