agreed...although I think there has been a change with first time home buyers in the last couple years in that they aren't buying the mcmansions their buying mid range to low range houses that they can afford. Changes in loan requirements are also making sure most of them can afford these homes now also. We'll see where it goes from here.
Furthermore dont forget that a good portion of those mcbuyers have a back up plan,mcdaddy and mcmommy....... So easy to succeed when the support system around you foots the mcbill.:-)