Refis will delay the day of reckoning for some years. So it seems to me. From the article, it sounds to me like homeowners who are having loan resets, can refi at yet another teaser rate and delay making higher mortgage payments for a while — another 2-3 years (since values can still arguably be considered up). In 3 year however, when statistics clearly point to a down market, they won’t be able to kick the can any further.

So my guess it that we won’t see the bottom of the market for another few years, 2010-2011?