Regional housing bubbles are ready to pop.
Believe me I know this... I do real estate, and I'm going to make lots of money buying up the houses that get foreclosed on when all these folks with zero, or paper appreciation equity suddenly disappears when those bubbles do pop.
All these foolish folks thinking "I gotta buy today".. most of them are going to wind up taking a bath by being underwater for 8 years or more when the values fall.. or are just going to end up losign the houses if they can't manage to wait out the down cycle before they are forced to sell.