Every so often we come across an article that puts a complicated situation in understandable terms. Dennis Cauchon, of USA Today, gets the prize for today. An article worth reading. especially for anyone who still thinks it is time to buy a home. Buyers shouldn't whine when that loan is soon underwater like so many others. I noticed that the example case was some jerk not working, for whatever reason, who already owned a home. He gambled and lost. I don't feel sorry for him. Greed does that to people.
I think the 20% estimate of further price decreases is more like 30-40% in the areas that were more heated than others, such as the DC metro area. Peter Schiff had some excellent input, as usual.