“That is, unless one believes in some variation of the now-debunked New Paradigm or Soft Landing scenarios that predict a reset of the long term pricing trends at the much higher levels.”
I am not saying we have a plateau or soft landing or any of that hogwash and I never did. To say that the eventual floor could make 97′ look dirt cheap is a reasonable element for discussion.San Diego is a good potential candidate for such an effect to some degree. It is going to take more than a vague comparision to a few mostly unrelated,failed ideas to make it an obsolete theory.
