“The only thing to produce huge drops would be massive job lossses.”

Last I checked the biggest growth industry in SD country was all RE-related. But hey, I’m sure not many of those folks in the good family neighborhoods are realtors, builders, contractors, lending agents or flippers. Or owning/working in a local business that has been benefiting from the recent local boom.

Another very real “thing” that could produce huge drops would be a collapse of the sub-prime lending markets, as the pool of qualified buyers would drop substantially.