Voice of San Diego - "Flippers Flee, Long-Term Investors Hold On" (9-14-06)

"As prices have declined, sales have slowed, and inventory levels have risen in recent months, the get-rich-quick, house-flipping days seem to be over for a while. But that doesn't mean all forms of real estate investing are dead in San Diego -- they've just changed."

"A little more than a year ago, when Money magazine wanted to investigate the booming culture of real estate investing, reporter Stephen Gandel looked to San Diego as the poster child for the phenomenon. Designated "America's scariest housing market" on the June 2005 cover, San Diego was touted as a place where real estate "makes everybody rich" due to annual property value appreciation of 15, 20, 25 percent in some places -- a trend that proved too good to continue. Gandel spoke with six San Diego investors, all of whom had stumbled into real estate investing and found it to be the best bet of their lives."