I think many people are renting and not buying. In terms of where people are moving - the SF Bay Area economy (job wise) is very strong, although house values are down a whopping 11% year over year.

My best guess is that people are moving back to their roots and families, and states in the MidWest will see a net population rise, where as expensive states (like CA for instance) will eventually see a population drop. Unless, of course, the job market in SF continues to grow...in which case, people stay where the jobs are.

In lieu of a great job, it's far easier to make it in a state with low cost of living (like Ohio) than places like the Bay Area. Trust me - I know.

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