LJ wrote:
The only people that will seriously get hurt are those that have
mortgages/owe money. Esp adjustable or interest-only mortgages.

I purposely bought a small house that I could afford to pay cash for.
Five years ago, people told me I was nuts, didn't I want to make
appreciation money on the biggest house I could afford?

No. I refused to be buried in debt. As the job market disappears and
wages go down, I will still be able to live. I may not have 3 bedrooms
and 2 baths....but at least I can pay the bills with the lower wages
being paid in this country now days.

I sincerely and whole-heartedly congratulate you! (and too bad there
aren't a whole lot more like you).

Unfortunately (and as I stated previously), you and those like you are
sadly a very small minority. A large portion of the country is in debt
up to their eyeballs and are teetering on the edge of financial ruin.
Will the housing bubble going bust push them over the edge???

(note for the nit pickers: that's just a -rhetorical- question).

P.S. from your comments above, I'm glad to see you realize that the job
market is disappearing and that wages are going down. Many others on
this newsgroup haven't quite figured that out yet.