Wall Street's Local Housing Market Effect

While Wall Street may be affecting the global economy in relation to how people obtain mortgages I am interested to see how it will directly affect home values in my area.  See, I live less than an hour west of New York City and in one of the top 10 wealthiest counties in the country.   Many of Wall Street's bigwigs live in and around my territory including one particular town, Harding (and its enclave New Vernon)

 As you can see below the average sale price of a 4 bedroom home is over $2M and there are usually less than 70 properties at any given time for sale.  I've had the opportunity to sells homes like this and typically a mortgage is not an issue for the business-owner type but the financials market employee, whose salary is typically low but receives huge bonuses, may be at risk in both purchasing power and income for their exsisting home.   This should be interesting to see play out.