"Most of the buying has been incestor driven which is scary."
Harlan, I'm a little scared of those 'incestors' myself. I had been worried about the heavy investor ownership, you've added a whole new wrinkle! :-)
You're on, a cup of coffee has been waged. I expect the top end of the market to suffer more than the lower end. I hope I'm right, I live in one of those lower end homes. I wouldn't sell my house if offered $10,000 more than market. Units in my condo complex tend to sell fairly quickly, and usually to owner occupants. On the other hand, very close to me, there are quite a large number of condo developments under construction or planned, all in the top range. Many of these units are going to speculator/investors. Affordable homes are finite, they aren't adding any more to supply and demand is growing. At the upper end, supply is growing, but demand is more limited, there simply aren't nearly as many people who can afford a million dollars.
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