Ok, maybe your part of the country is immune to the coming economic effects of the housing bubble slow leak. It could be, if those jobs don't depend on newly-poorer-feeling-people having to buy a product or service produced there. Maybe those jobs are all in government?
"Ok, maybe your part of the country is immune to the coming economic effects of the housing bubble slow leak."
Immune? Only if a generalized recession isn't brought on due to a drop in consumer spending elsewhere in the country, if refi money goes away.