Not sure why you aren’t seeing the effects, but I do know quite a number of people who have left San Diego over the last couple of years, citing the high cost of housing as a principle reason. Also know of some who have been foreclosed on. So, they are out there.
Also, keep in mind that the wave of foreclosures is just really getting started. The big jumps in statistics we are seeing are mostly the first stages of foreclosure. In six months there will be lots more foreclosures in the final stages.
