Worst part of this is.. ALOT of the houses bought in the US were in 2003 and 2004.. The mortages on them are to reset in 2008 .. and chances are 20 - 25% of them are going to default!
So the US banking system is in a major mess,major credit crunch... (if they try to solve the credit crunch the Federal reserve needs to print out more money so inflation and ultimately stagflation) ... so I think we'r in major mess for a long time to come im sad to say
We could litterally see a semi-depression for a good 4 -5 years to come !