Richard Florida makes the connection:
Most experts expect housing prices to decline further as federal supports are withdrawn. Recall it took the better part of two and half decades for housing prices to rebound after the Great Depression. My own hunch is that there is still quite a ways to go, especially in over-built regions like Las Vegas, Phoenix, and Miami. But even in these places, more central locations are likely to hold up better. Price declines in the walkable areas of South Beach for example, while considerable, have been significantly less than in downtown Miami or less central and walkable areas. In particular, walkability and neighborhood quality seem to be emerging as the best hedge against massive housing price declines. All of that said, I'd still advocate renting, or at least a wait-and-see approach to buying, while the market remains in such flux.