Actually, its an interesting article from a psychological point of view. Ask yourself:
-among the bubble buyers (and home equity withdrawlers), did they seem more trusting of other people in general (ie. neighbors & RE agents & bankers, etc) and were they more likely to put a higher emphasis on following the herd (ex. fitting in, having reciprocal parties, doing favors, etc but also more likely to buy a house with little down or heloc to renovate or buy a car because everyone else was doing it)? Did they seem more likely to be optimistic and not worry about risk too much?
-among the new buyers, who by definition chose to rent rather than buy with nothing down, are they less trusting of other people in general (ex. wary of neighbors who offer repair help but that may try to use that as leverage later to claim joint success or be dominant, and of bankers/RE agents telling them that buying more than they can afford is ok). Is social acceptance less important to them (ex. don't care if other people think badly of them for not buying a house earlier, or not following the "neighborhood rules" others set before)? Are they more pessimistic and more risk adverse? Was self-reliance (ex. saving their down payments rather than relying on credit that may be withdrawn) more important to them?
It's an interesting tale from that point of view. And the reaction of the self-appointed "mayor" seems entirely predictable when you replace the first group with the second group ...