Other than the “ultra-high end” of the housing market, NO ONE will be immune from the bubble bursting. Anyone who thinks that just because they’re in the better parts of north county, they won’t be affected, is going to get a strong dose of reality over the next 4-plus years. If they don’t have to sell and can stay employed and afford the home that they bought (and it doesn’t have three mortgages and a heloc) will be just fine over the very long haul (10-plus years). Those who must sell are going to be in for a world of hurt.
Nobody knows just how low prices will go before they settle on the bottom or exactly how long they will sit on the bottom but how many people are going to be eager to mortgage themselves to the hilt for that big, expensive McMansion after watching this current mess unravel?
