If enough desirable markets experience oversupply at a large scale, renters and first time buyers that aren't tied to a low interest rate could kill demand in other markets that normally would remain strong. There is so much construction about to hit the market this year it's hard to imagine a scenario where any one market is not impacted significantly. As always, Vegas and Phoenix could lead the way. Boise and Austin are others to keep an eye on. Could get slaughtered.