Several readers suggested a topic about which markets will fall the most. "Wouldn’t it just make sense that the martkets that went up the most will go down the most? It’s the law of gravity!"

One reader disagrees, "No. The ones that 'go up' the most are the ones that will also hold more of the appreciation. Places like LA, SF, NYC, etc. It’s like stocks. I’ll bet that Dallas, Atlanta, Houston, et al will decline far more in actual dollars and percentagewise from top to bottom than any coastal California city or NYC."

Another said, "There were some bubbly areas that are truly nice places to live: San Francisco, Manhattan, San Diego. You would expect these places to always be worth more than, say, Gilbert Arizona, Las Vegas suburbs, or a Boise ex-urb…"

And another, "San Francisco, Manhattan, San Diego, these areas were likely among the most overrun by speculative fervor which drove prices up to a non-permanently-high pinnacle."

"Speaking for San Diego, speculation, overbuilding of tract homes and luxury condos, toxic lending to unqualified buyers and appraisal fraud have worked together to push prices to a level where fundamental demand cannot touch them. My prediction: 1) Larger absolute $ loss in the coastal bubble zones. 2) Larger relative % loss in flyover country, where reinvestmen of liberated coastal equity drove prices bubbleliciously high."

One from Texas, "I’m in Dallas. I don’t see Dallas being worse or crashing earlier. We never saw the run-up in valuations bubbly parts of the country have — so we won’t see the corresponding 'pop' those areas are currently starting to experience. Yes, sales are down and inventory is up and prices have been reduced a bit; but we don’t have a California or Florida situation. And while Texas is one of the worst states for foreclosure rates, I think that’s due more to the overall economic climate in Texas than bubble factors."

"I think this time next year Dallas will look better than the bubble-markets. Of course, that’s a relative term; I define it as 'not as awful.'"

One added, "I would agree that strong areas in Dallas, Atlanta, Houston will fare far better than SD, NJ, LV, Phoenix, FLA. However, areas of these metroplexes with monstrous commutes will get hit hard and never recover. I don’t believe one can generalize and say 'Dallas' will get hard equally across its metro area."

"No bust has worked that way before…prime areas hold value better and recover faster. Condos will get hit hard in these cities, but some will recover over time. In Austin, homes close in that are in prime areas held up much better and recovered much faster and to greater heights than those further out in 1980s 'boom' neighborhoods."

One from Georgia, "Will we look back in a few years and see that the housing bubble gave Atlanta a major edge in attracting new industry and people? Many of the Florida articles tell of people moving to Atlanta, a market with a large unsold housing inventory (I think Housing tracker.net says it is the second biggest after Chicago)."

"From what I have heard, Atlanta peaked in somewhere in 2002/2003 and prices have been declining because of the huge inventory. I find it interesting that the huge inventory there seems to have made it impossible for flippers to corner the market. Even with the housing bubble on the verge of bursting, people on the eastcoast will keep moving there on the next few years because of the continuing price advantage."

The Austim American Statesman. "Chris Kostecka and his wife, both real estate developers, recently sold their home in Murrieta, the 'last small town area of Southern California.'"

"They purchased a home in the River Crossing community of Cedar Creek, near Bastrop, that sits on 2 acres, with horse trails and a boat dock. Lured by Central Texas' natural beauty, similar climate and cultural diversity, Californians are heading southeast of the Golden State. What's driving the exodus? The sky-high cost of real estate."

"While Austin residents grouse about rising real-estate values and property taxes, Central Texas looks like Bargain City to someone moving from California."

"Austin-area real-estate agents credit the steady influx of Californians to Central Texas with keeping the market here strong, even as other parts of the country cool off. 'They are sure helping to keep our prices stabilized. In some neighborhoods, the prices might be actually being driven up,' said (realtor) Lynda Conway."