At some point an over leveraged market will deleverage and it will suck for everyone. Remember 2008?
Sometimes a neighborhood goes to shit because jobs leave, or natural resources are depleted or you have a shit government.
House prices don’t always go up and don’t let anyone tell you otherwise.
Cities like Detroit or Pittsburgh (until recently) are also examples. Large cities along the west coast could probably be too new to suffer a collapse in prices yet.
Even SF was it by the 2008 crisis. If you bought in 2008 and had to sell any time prior to 2014, between carrying costs and transaction costs you most likely lost money.
By the same token, I bought a house 2 years ago on the East Coast and made bank selling it this Spring.
Only time will tell what buyers in this market are going to experience.