I think sdr said it best,
This is about the country not SD.

In most of the rest of the country outside of coastal SoCal price is not the issue anymore,
“ CREDIT IS”
But I doubt this will have as big an effect as they are looking for anyway. It is more about the price you bought (regardless if you are underwater or not). Also a lot of owners just have a view that their home was worth so much at one point so that’s what they expect, it’s just the way people are. So they feel they have less so they need to save and well that’s it I guess. No one is moving much and that won’t change anytime soon.