Several readers suggested . "Which area gets hurt least and why? Upper NYS because there’s no place to fall from the bottom? Boulder? The New Urbans like Austin? Ultra high end places like Aspen because nobody would notice a million off the top? Charlotte, Memphis types because of energy concerns?"

Another said, "It seems clear that certain areas (SD, Florida, NoVA) have begun to tank, while other areas seem OK (NYC, SF). Delayed reaction or are some areas just different?"

One added this, "A related topic…Which areas were barely affected but may still get splattered with froth as the bubble pops?"

"For example, I’m seriously looking at acreage out where my dad lives in boondocks Arizona. Land is still available for $1,000/acre. Will even this price go down? Or will a lack of RE buyers from California eventually motivate some land sellers to become desperate for a low-ball cash offer?"

One reader had an answer. "I’d say it will go back to being 'speculative land' in the old-fashioned sense. That is, don’t buy any old rectangle of dirt unless the offer looks particularly compelling and don’t plan on selling it within 10 years." A reader from Texas.

"The only the thing banks in Texas won’t allow a 0 down loan on is raw land (in fact some won’t loan at all). I think raw land will fall the hardest (even though they are not making any more of it)."

From Colorado, "Flippers have been buying land too and are starting to get itchy."

"I’ve been looking for some land in Colorado; one real estate guy in Pueblo has thirty or forty listings and six or seven at least say 'motivated seller' or 'just reduced' or somesuch. I think one might have come right out and said 'offered below owner’s cost.' These are just over the $1,000/acre range as well, for 35-40 acres, so the sellers are almost certainly not in foreclosure, they just want to get out of an investment that ain’t going anywhere. What the heck, go for a low-ball."

Another added, "One thing about this bubble is the true high-end areas didn’t go up anywhere near as much as the middle/lower end areas. Places such as Marin County, Greenwich/Darien CT, Winnetka/Glencoe IL, Jackson WY etc. did OK, but it was really the Baskerfields and Vegases that went completely loony. The rich actually have the means to afford (in the traditional sense) $1-2-5 million houses and they’re far more diversified across other assets. A few hundred thousand off their house is just an ordinary bad day in the market."

One looks for value, "I think any non bubble area that has a good public school system, good colleges, universities, and hospitals, and is attracting major companies won’t burst."

From Las Vegas. "Which area will get hurt least? Las Vegas, of course. I’m predicting another wave of hyper appreciation. Not yet, but… soon."