What goes up must come down. Vegas, Miami, Phoenix, San Diego and LA get some housing crash love

Funny how the five cities that got mentioned here the most over the past few years are now the five cities with the biggest housing crashes underway. Oh, wait, no, that's really not funny. Interesting, yes. Funny, no.

"Year-round golf and pro athletes" - now THAT was funny.

Here's the blurb on Phoenix from the smartmoney housing crash report headlining yahoo.com right now.

Phoenix

Tumbleweeds aren't exactly taking over the streets of Phoenix, but the city has seen quite an exodus from a couple of years ago when speculators and real estate developers descended on it en masse. More than 67,100 single-family homes were built in Phoenix between 2000 and 2006, according to the Census Bureau, with home values rising by 127%.

Once home values started to unravel, however, speculators started abandoning their rental and investment properties. "People will go to much longer lengths to avoid defaulting on a primary residence than on a secondary home," says Wyss. Now, home values are down 24% from their peak.