I speculated here that half of the recent sellers were long-time owners, having purchased prior to the big run-up that started in 2003.  Of the areas in NSDCC, Carmel Valley has the newest housing stock, yet a review of their November sales showed that 43% (13 of 30) had been purchased prior to 2003.

One-third of the sellers (ten of 30) sold for a loss, averaging -$128,700 each.  Most of those were purchased in 2004 and 2005.

Gain/loss results of those sellers who had purchased recently:

2008:  +$53,000, -$40,000

2009:  +$3,000

2010:  +$45,000

There were no REOs, and only one short-sale.