Thanks for the replies. So I’m not the only one that thinks something crazy is going on. I am lucky enough (hopefully) to be able to watch and wonder as this housing market deflates. My wife and I own our home outright. No mortgage, no HEL (L). We are saving and if the housing market does crash we’d like to buy some realestate at a sane price.

We haven’t been without fault. We were stupid in our very young years and did the credit card thing. But we got a handle on that and these days we don’t have credit cards and pay cash for everything we want. If we don’t have the cash, we can’t afford it and so we SAVE for it. We have friends that act like we are a bit odd. Whatever. It is sure a nice feeling not having a mortgage. Actually, it is nice not having any payments except for utilities. It was hard getting to this point, but has been worth it. I’ve had friends ask about the tax write off of our home being gone. I tell them I’d much rather give the government three thousand dollars than give a bank ten thousand dollars in interest. Heck, if you want a ten thousand dollar write off, donate that money to a charity. You don’t hear banks suggest that. I don’t wish bad on anyone. It’s just that to me something bad has been happening regarding housing and borrowing. It just got my attention and I just can’t help wondering how this will play out.