I second what Temeculaguy wrote. It is hard to figure out the rental/price ratio because people who could afford to rent there would just buy instead. Since there are homes in Del Mar and CV that are way over $1.2M, about the same size, smaller lots, etc, etc, I think that it is better to compare it to purchases in those areas. I know they will go down, but I doubt most areas will go down further than 2000 price levels.
