To answer former owner, the cash outs are a chunk of who has moved out here. My parents moved here after cashing out and paid cash (albeit they did it in 1999). They were nearing retirement so the commute didn’t affect them, they were close to the grandkids and they got a similar sized house in a similar community with the equity from their previous house. To them, the future price was a moot point. They didn’t want to move out of state and away from all of their grandkids and they got a house on a golf course in Range of the wineries without the 115 heat of many retirement areas like Arizona, Nevada or Palm Springs. They also picked up two rentals with cash that provide income. If prices do fall here first and faster than S.D. (which they will) it will be attractive to cash outs again. Never underestimate the benefit of not having a mortgage. The other reason is the Dr. Laura principle. Many couples with young kids will cash out of S.D. and subject the dad to a miserable commute in order to have a stay at home mom in the house, especially if Temec drops faster and further than S.D. so that the prices are closer to half of comparable homes in S.D.