Mortgage Reset Time Bomb
See the problem? Subprime will continue to whale on the housing market for another whole year. After that, things don't get any better. All those Alt-A loans? Do you think people needed no-doc loans because they were telling the truth about their income and earning power? Or do you think it was the only way they could buy more house than they could afford, but had to have because that's where prices were, and everyone had to "get a foot in the door"?
See all those option ARMs? Think people took those out because they were "sophisticated investors who needed solutions to cash flow" issues? Or do you think they took the option because they couldn't actually afford the real loan?
Anyone who tells you the mortgage and RE problem is over in a year is either trying to get a 6% commission, or he lives under a rock.