Originally Posted by GreyWolf

Not cherry picking areas PK - it's a waste of effort. The housing market as a whole will be affected - tho we can probably exclude eg Manhattan. For the vast majority of people on average, there will be an effect and, it's the vast majority who matter.

Frankly, I don't believe a word being said by any Wall Street financial analyst - they are from the same stable as those who encouraged and marketed sub-prime mortagages and got their own companies up shit creek in the process. These are now the companies who have a vested interest in dumping their "assets" to unsuspecting investors in an effect to reduce their burden and risk. Working hand in hand with Wall Street are the banks who have more property than is prudent to hold - especially when this is a depreciating asset. Basically, none of them have any credibilty - they are busy trying to cover their own asses right now.