It's slowed down a bit since last spring and summer. The real question is whether it's more than just the seasonal slowdown.
That is, their combined mortgage debts exceeded their home values by more than 10 percent.
Nationally, I think it will be a common cold, if you will.
I feel Texas is going to come out of this pretty well.
I'm more positive about Texas than almost anywhere, because the underpinnings are good, and it hasn't had the huge run-up that other markets have.
The people who bought in 2003 or sooner ... they generally have enough equity that they're going to do all right.
Our nation is a $10 trillion-per-year economy currently possessing $19 trillion in household asset value and $11 trillion in homeowners' equity. Losses of $110 billion - spread over several years - would come to only about one percent of the total national homeowners' equity.
In general, you're not going to get a great discount in a great location, right where your job is, a place that you really want to buy.
