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It's a bit of a vicious circle. Those that are buying both prove and disprove his point. He said most first home buyers want 4 bed two bath.... The fact that the average first home buyer is spending $310 - $350 on their house, kind of disproves this statement. But those that are buying...

True, but there are still people buying. And what they are buying, according to the figures Joe put forward, would not be McMansions.

And what Joe is saying is the FHB is buying, on average, a house for $310,000. So either Barnett is wrong when he says most FHB are hanging out for the 4x2, or the numbers are wrong. I think I'll go ahead and believe the numbers.