I think it is a mix of alot of things qwerty. While it is true that even in high end housing there are speculators and bobos who get crazy financing vehicles, I do believe that the overall proportions of people who do this for high end housing is lower then for lower/median housing. I also believe that the mindset (denial/stickiness/crankiness) factor for high end homeowners differs as well. There also is the expectation factor that these people expect high end homes to sit on the market for a much longer time. I don’t believe that real estate trends are homogenous across the board. Otherwise we would all be enjoying Riverside county or Eastlake pricing declines right? I think the market is kind of… multipolar. Lots of different behavior in different areas but all of them in a declining mode at different rates.
