actually, the homes in the tech heavy and post WW2 population boom states (like the northeast and CA) will see their baby boomers move to their retirement home. The tech heavy areas will see a slump in sales as the job market for folks in the first 5 years of their career watch as their jobs get shipped offshore. That will leave many, many homes on the market... with a potential drop if other buyers see prices dropping to far (don't want to get upside down).

meanwhile, the southern states (texas, florida, NM, GA) will see an influx of the retirees... pushing home values up while driving new home building.

HOGWASH !

Manhattan real estate prices aren't falling and while there has been a tiny slow down ( okay, so houses and co-ops and condos aren't selling in an hour of two, now it's taking a couple of weeks to maybe even two months ), that has just brought the time line back into normal range. And the Chicago real estate market hasn't slowed down either.