of course it will vary from different locations; the new house inventory is also high; both will put tremendous pressure on the used house market as well. If the 30-year mortgage rate further goes up, plus more mortgage companies and cdo funds belly up, that will be the last straw on the camel. For right now the disaster could be limited to the residencial sector only. Therefore, keep your eye and your options open. You may come aross some real good deal, relatively speaking. Personally I had some good ones and missed some real good deals...
