AN, I think the phenomena is what sdrealtor has talked about before, the lowest priced properties (and areas) bubbled the most. They also had the least financially sound pool of buyers as you’re pointing out. This leaves higher priced areas with a little less to fall and generally better strength among owners. Newer construction seems disproportionally vulnerable as well, even at higher price ranges, but that would be my opinion.

Perhaps I was reading too much into your earlier posts, but your position sounds more moderate now, so I can only agree with it.