gn, so based on your argument, a lot of the PQ, CV, etc. buyers shouldn’t have been approved for PQ, CV, etc prices, so those buyers should be buying in MM instead. So those buyers will replace these people who shouldn’t have been approved for MM in 2005. People living beyond their mean doesn’t stop at MM price range. They’re everywhere.
jpinpb, you’re also assuming that they won’t be replaced by other people who currently live in more expensive area who really couldn’t afford it not moving back to MM.
