I've lived in San Diego for over 20 years now. I remember the bust of ~1990, right after the collapse of the Soviet Union. All of the defense contractors out here folded and everyone moved out. There were articles in the newspaper about Ryder truck rentals, how they were offering discounts to anyone who would move TO San Diego because they had no more trucks out here to rent. My apartment building always had one or two vacancies, and the landlord did not give a rent increase to any tenant until 1998. This bust does not seem anywhere near as bad as that one was, not even close. I have been keeping an eye on a new condo building that went up in 2005 in zip 92103. It's located at 475 Redwood. I've seen it slowly fill up ever since it was completed, and now when I go by there at night nearly every unit is lit up, whereas last year it was mostly dark. Also, the sellers of units there are not dropping their prices. One of the units there has been for sale for about 9 months now for just over $1M, and the seller is not dropping. There is only one short sale in that building right now that I'm aware of, and I've only seen two foreclosures.