I’m one of those asian immigrant idiots with a PhD that somebody here was refering to 🙂

When we first moved into 4S Ranch, I was really taken aback at how many the new houseowners here were asians, something like >80%. I guess the reason is very simply. It’s not that they’re necessirily that bullish on housing, I myself am neutral, it simply comes down to income. These people are two-income, high earning, and generally frugal, saving families. Quite simply put, they’ve got the money. Another down turn wouldn’t affect them that much, having > 20% equity in the house.