As in all things, there are usually several factors at work. I would add to the pile that higher-end buyers tend to be financially more savvy than first time buyers. I know that to be true in my case. There are so many things you don’t know when you buy your first home and you can read every book out there and still not *get* it. With experience, comes a certain amount of wisdom. I would speculate that anyone who’s worked their way up to a home in a high end area is probably on at least their second time purchase, if not third or fourth. They have likely made smarter loan choices, known what fine print to pay attention to, and had less need to refinance their way to poverty. In short – they are less likely to be living beyond their means and making poor financial choices. That doesn’t mean there won’t be a some headed to foreclosureville, just fewer than in neighborhoods full of starter homes.