Here's a couple of areas to keep an eye on it.
An insider's blog on the situation:
http://anotherfuckedborrower.blogspot.com/
Another good daily scrape:
Ben Jones is very informative
And then the hard numbers:
Zip Reality is great to gauge your area
Inventories # positions:
housing tracker
Some general purpose news on it:
http://www.boston.com/news/local/articles/2005/12/18/real_estate_slump_chills_flippers/?page=full
http://www.sacbee.com/content/business/projects/boom/story/13993878p-14827231c.html
I can post more if interested in the subject.
If I had a neg am, IO, or arm i can't finance when it floats I would flog it now, under everyone else in the neighbourhood (try to catch a 1031 exchanger). Then I would rent for 1 to 2 years. Keep the coins in the piggy bank. As the foreclosures
bleed red everywhere, snap the same property up for a 25%
discount, all the while banking cash to get a good downpayment. Then go fixed 30, or 10 yr fixed term APR if
not able to do the 30 fixed.
I dropped 30% down cash on my house and went 30 yr fixed 24 months ago. My neighbourhood is bleeding pools, jacuzzis, ATV's, mercedes etc.... all bought with the home ATM. Granted
most folks don't have a 30% down (I wanted low payments
plus no PMI, yet utilize Shed A mort deduction. That strategy costs a few bucks though and is not available to most people).
This xmas, the most popular lawn decoration is a For Sale sign.
I can take a 45% to 50% hit on value and still not be upside down, and with a fixed 30 I don't care anyway.



"Great spirits have always encountered violent opposition from mediocre minds" Einstein.