Let's face the truth....Asians manage their money better than your average WASP american. All else being equal, an asian household that gets laidoff most llkely have two income earners or roughly the same earning, since most asianspouses also work at a comparable job, and not a income-spending stay-at-home parent. A WASP household typically has only one of two couples working, with the other one being a "stay at home parent". Furthermore, while the Joneses down the street drive a beautifully leased new Mercedes, making minimum monthly payments on it along with a very expensive mortgage, and credit card bills up the ying-yang to fund that exotic vacation, and that iPhone6 that 7 year old Janey has (because she needs it), the Wongs, Kwons, Yamamots, and Ramakrisna's down the street live on a dual income miser's budget driving that POS 20+year old Toyota Camry, with particle-wood based furniture from Ikea. So my prediction is that certain parts of the county with the better pubic schools, you'll see a gradual transformation of a higher concentration of asians, and gradually turn in places like Cupertino and Irvine and Vancover BC, as the only buyers buying or the only existing homeowners that are able to hang on are asians and indians.
Meanwhile, I'll wait for some of you people that can't manage a budget to see if you need to firesell your house. Although people are predicting a 15-20%, I doubt it. Though I wouldn't mind. A 15-20% decline still wouldn't take us back to bare bone prices reached during the last crash, considering 15-20% is the gain in just last year alone almost. But one can dream....