In most markets, rot starts at the periphery and eats its way to the core. With real estate, price discounting starts at the top and works its way lower.
it's highly likely we have seen the peak this cycle at the top end. The stock market is starting to crumble and other asset prices are likely to follow.
Maybe, but people in the SF bay area for example have been out-priced of anything but crap shacks long ago, so I think the major competition will always be around "starter" homes (i.e. crappy shacks). Also I thought the high end condo/house market has topped out a while ago.
patrick.net
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