dingo: It takes a looooooong time to rebuild in SD after a fire due to the ridiculous bureaucratic pile of paperwork & approvals that must first be dealt with. Also, prior to the fires, San Diego’s vacancy rate for rentals had been rising (according to a story in the U.T. several months ago). Prices didn’t go to the heights that they achieved overnight and they won’t come down overnight. It will take time and anyone who buys in SoCal within the next four years (at the earliest) will have paid too much for their home. The bottom is a long way off in relation to time and $$$$$$. There are too many forces working against sellers to prop up the prices and all the signs point to a return of the prices that we saw in 1998-1999.
