sdrealtor: What effect will the new lending guidelines (lack of secondary markets for non-conforming loans) have on SD county real estate in your opinion?

Lots of differing opinions out there, but you are in the biz, so I am curious about yours.

Having a finance background and looking at this from an Econ101 vantage, I would think the inability to secure financing (or having to secure financing with a high cost of funds a la the Wells Fargo 8% Jumbo), would have a major impact on RE.