America's high-end neighborhoods could feel the pain as homes linger on the market and prices slide.

There are more than 60,000 homes priced above $1 million listed on with the inventory at levels far above the national average of 10 months.

Some observers predict that big inventories in formerly protected enclaves will drive down prices as much as average prices fell in less-pricey metros a year ago. Any [inventory] over seven months generally means falling prices, says David Stiff, chief economist at Fiserv in Brookfield, Wis.

Multi-million dollar communities with significant risk of taking big slides are:

  1. Incline Village-Crystal Bay, Nev.
  2. New Vernon, N.J.
  3. Alpine, N.J.
  4. Sagaponack, N.Y.
  5. Amagansett, N.Y.
  6. Bridgehampton, N.Y.
  7. Ross, Calif.
  8. Old Westbury, N.Y.
  9. Santa Barbara, Calif.
  10. Southampton, N.Y.

Source: Forbes, Stephanie Fitch and Matthew Woolsey (07/13/2009)