Like an old pair of jeans that you won't give up

Richard DeKaser, senior vice president and chief economist for National City Corp (NCC), predicts 40 percent of the nation's housing is at risk of losing value, but the areas are definitely in low employment, over-built regions. He said consumers who are in the market for a home should forget about stretching as far as they can for a bigger and better home and be more realistic about what they can afford.

"There's a large group of people who are really stretched out," DeKaser said. "They should be in a home that's half as expensive as the one the have. They are finding themselves with a reset mortgage where all of their spendable income is going to the house and they can't afford to go out to dinner."

Value can still be found in real estate, Tim Kelly: The (Everett, Wash) Herald, October 28, 2006

This ties into Roubini's call for a recession sounds more real now by Nick Godt, over at Market Watch.