Steel Bubbles

["The housing bubble seems to be made of steel," Leaf said. "It may be a bubble that's not going to break."

Such talk defies history. Real estate is a cyclical business, affected by supply, demand, interest rates, economic conditions and personal tastes. And whenever someone thinks things never will change, they have a tendency to change just about then.

Many here recall a time not so long ago when San Diego's housing market soured after a boom that had prompted the same concerns about rising prices and a lack of affordability that are heard today.

The last real estate downturn in San Diego began around the time of the 1991 Persian Gulf War.]

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