Housing slumps tend to travel from the suburbs (or super suburbs, or super super suburbs out there in Death Valley or wherever the new developments are now) in towards the city centers in general with the least desirable housing (condos, townhomes, apt. conversions, cracker box houses in bad areas) falling the hardest. It’ll catch up to these areas at some point, but the gas prices can’t be helping much, so it’ll probably slow the decline in the prime central areas IMO.
It’s funny to see people talking about how the areas closer to the golden triangle and downtown haven’t declined as if they are immune somehow. If you read about downturns, it’s totally expected just like the bubble burst was.
