It's a bubble but some areas won't go down as much as you might think. Take Boston, for example. No jobs are coming in but students are. All the 1 and 2 bedroom condos are being snapped up by parents of kids coming to school here.
It used to be it was just the kids from places like Korea and the middle east who were living in the very high end condos - including some of Bin Ladin's relatives. Now it's kids from CA and NJ who 'rent' the units from their parents.
Remember the days when you went off to college with your stereo. Then you went off with your very own car. Now it's your own condo.
To replace the kids graduating from school.