[pbuzbee]

My theory is that places that are inherently more desirable, whether because of culture, geography, or employment opportunities, will remain high. This probably includes most coastal regions and trendy inland spots (Austin, Boulder, etc.).

I think a lot of 'secondary' markets could take a hit. These are places that the main appeal is their current relative affordability or proximity to a more-desirable area. I think buyers that are priced out of 'desirable' areas today are effectively settling for these secondary areas, which is raising those prices. I feel like those will be the first areas to take a hit. How big that hit will be, I certainly can't say. It could be as little as a reduced rate of property appreciation, or it could be as large as a 20% hit.