I remember Rich talking about the ‘bifurcation’ process, whereby higher end homes prices were not declining at the same rate. It seems that $1m+ homes went up in price, just like everything else, so I had hoped they would come down like everything else. If homes in a mixed area of middle priced and high-end are affected you’d think they’d be affected together. Do you think that it is likely, that some homes hold their values while other plunge? Wouldn’t that create a rather bipolar market? You’d have a price range where there were no homes for sale. Very odd.
