Great advice Bugs,
High end wont feel pain in earnest until 2009 and 2010 when 5/1 ARM’s start resetting. Where rates are at the time will determine how many are spared.
When the best deals are out there, expect huge competition for the dream houses as there arent alot of truly great homes in any given area. The few that will be on the market at any given time will be pursued by the handful of folks that sat out the madness like the piggies and the folks with lots of cash (trust funds, business owners, rock stars, doctors and drug dealers).
