"Everyone thinks this has peaked."

The Los Angeles Times has a story on today's front page that raises questions about whether the bubble is popping in San Diego, long considered the Southern California region's hottest market. It makes sense to some that the first pops would occur in the hottest markets before hitting other places, like Los Angeles.

SAN DIEGO — When the housing market here was red-hot 18 months ago, Alex Flores could buy a downtown condominium with as little as $5,000 down and sell it six months later for a tidy profit of $200,000.

Now, Flores says, those easy-money days are over.

Flores, a self-described real estate "flipper," is trying to sell two condos. But neither has drawn an offer after being on the market for more than a month, even though he's willing to break even on one and reduce the price on the other.

"It's getting trickier now," said Flores, 30, who became a full-time property investor three years ago after a short career as a senior financial analyst for a movie studio. "Everyone thinks this has peaked."