Care to share where those other places you are hearing about are? I know Phoenix and Vegas have been crushed. I have a friend I just spoke to in NY and the suburbs who said prices are back down to 2002 levels in prime areas (demographically equal to NCC). I just checked the town I grew up in which is an upper middle class Philly suburb. The houses are selling at 2002 prices in my town which is demographically equal to NCC (actually my town has a higher median income and is more affluent than Carlsbad). Nice homes there in better school districts than we have here start around 300K which is about 1/2 what they do here. FLA has been crushed. The midwest has been crushed.

Where in the country are these places you are referring to?

Other than California where are homes not affordable.