I cannot think of any compelling argument why the high end will not take the biggest hits over the next 2-3 years. The most vulnerable high end developments are those that are newest. These tend to be where many real estate guys and flippers bought homes with hopes of easy money down the road. These places may have owners who are more vulnerable to employment loss as well. As the age of the high end varies, to me, so will distress. IMO I don’t buy into the fact that older money in Fairbanks Ranch or Del Mar made many dumb HELOC loans. Now a wannabe in Santa Luz, perhaps. I think there is a wide variance and no doubt there is a stickier path down the slope.

Also in know way do I consider over 500k higher end. To me you need to get into 7 figures. Now alot of wishful thinkers (say LCV) for instance who priced thier homes at 1M or 900k are in for a very nasty slap of reality as we move forward.