New Money
"The Bay Area's 'new money' comes almost entirely from tech, while New York's 'old money' comes from more varied sources such as media, real estate, finance, etc.," says Jones. "The Bay also boasts access to bright college grads from Stanford and Berkeley, which only bolsters the area as a hub for talent, innovation, and access to capital." article “Regions with more home supply, such as the South, would likely see home prices fall more quickly in a recession as buyer demand pales in comparison to already ample home supply,” says Jones. “Under-supplied areas, such as the Northeast, could see prices hover longer before falling, as the pullback in demand actually allows for more balance in the market.” Although a severe recession can force some homeowners into selling because they are no longer able to afford their mortgages, most current homeowners (54%) have a mortgage with a rate below 4% and are relatively well-equipped to make their ho...