so prices haven’t droped that much in CV and some other upper middle class areas?(rich’s graphs say the same)
True they haven’t dropped as much, but they didn’t rise as much, either. If you look carefully at Rich’s charts (particularly the one copied below), you see that high-priced homes were not as overvalued during the bubble as the low-priced homes.
Therefore, by the time housing bottoms I don’t think you will see the same percentage decline in the high end as we will see on the low end, for the simple fact that the price distortion was not as great at the high end.
