I think JG is right but that the nicer areas wont be hit as hard or as early. Homeowners in those areas have a lrger margin of error to hang on, they have good jobs, some have family that can help and they are far more likely to have reserves. On the low end of the market there is no margin for error.

This got me to thinking that generally speaking homeowners in better areas will be OK for a nother 2 years or so. But when they hit the skids the market will already have been adversely affected many of the other less desireable areas and lending standards will be tougher.