LAR,
CV is where you find the largest concentration of physicians, attorneys, C level execs etc. HH Incomes of 300 to 500K are pretty common there. Most of these folks wont be crushed by severe recessions. Additionally most of these folks bought homes well under 2X their current annual earnings in pre-bubble times. Your comments from 100+ miles away show a lack of understanding of this area. Most of these folks are fiscally conservative and living well within their means with deep war chests.
They cant get what they want so they just hold onto the property whether they stay in it or rent it our for which demand is and always will be very strong. While volume will be much lower the only real suffering will be among the Realtors focusing on this area.
