Just a quick scatter chart to compare September 2006 with April 2008 to see how the down payment aspect of financing has changed.
(Click to enlarge)
Tremendous high-LTV & high-priced demand displayed during Ventura September 2006. For Ventura April 2008 you can really see the conforming limit putting a cap on prices. At 80% LTV most of the activity is at or below ~520k price (so under conforming limit loan) and you see the same effect at 90% (most sales under ~460k) and 95% LTV (most sales under ~440k). You see a lot of the April 2008 demand clustered under 500k and at or above 80% LTV. In September 2006 the demand is really concentrated on 100%, 90% and 80% LTVs and pretty well distributed across sales prices.