The “HERE” was referring to California, where the builders make most of their profits and have the most exposure. Sure, areas that have a lot of construction going on will see the earliest effect but it will come to a neighborhood near you. Areas primarily built or purchased during the bubble will see the earliest action but the wave has started. Two months ago I was on these boards complaining that the price decline were too far from me as well, but wave marched on and now it has hit my neighborhood. This won’t behave like a tornado, selectively driving prices down in specific areas, it will work like a virus and will spread.
