Lots of echo bubbles/ripples are being created as the equity locusts abandon ship and scoop up 'bargains' relative to their original location. It will take time for this to normalize, but the cogs in the relocation machine are starting to break down as sellers cant sell and make the move.
Californians are leaving to Arizona, Texas, Portland, Idaho, & Utah.
Arizonans are being driven out by Californian inflated prices to Texas.
Boston/Mass. residents are going to Rhode Island.
Florida residents are bailing for North Carolina.
Detroit/Michigan sellers desperately want to sell but cant.
They also pointed out, correctly, that if a person sees a problem making their mortgage, call the lender the lenders would rather deal than have to go through the expense of foreclosing.