More than 30 percent of the job growth is in leisure and hospitality, and those jobs are not high paying. So there is a little bit of a worry about job quality.

Another gas price spike would be serious.

Generally good news in terms of San Diego, we will outperform California and the rest of the nation.

They took a sharper run up in prices, so it makes sense that there's a decrease there. Some people have been priced out of the housing market, but others are waiting.

With less appreciation, consumers will be less able to tap into home equity loans to finance their purchases, which could put a damper on the national economy.

I'd say housing is overpriced, but whether or not that implies that prices are going to crash is a different question.