One MILLION borrowers may be at risk of defaulting on their loans. Impact of the housing bubble on the larger US economy: up to $120 Billion!
Check it:
http://money.cnn.com/2007/04/13/real...ex.htm?cnn=yes
On the upside, buying foreclosed properties might get real lucrative as the bottom of the market comes to view. I doubt it's hit bottom yet, though.