Wouldn't be surprised, but it wouldn't be helpful. Its starting to make commercial financing very unpleasant and it is more likely than anything to cause some real estate markets to go into negative territory.
Over the past year housing prices were completely flat in this market (actually down like a hundredth of a percent) after rising dramatically year after year previously.
The real-estate market is tied into employment. The Northern Virginia is in the high end for new expected jobs.
I read today that in February 2005, there were 7800 houses that changed hands in Northern Virginia. That figure was 7000 in February 2006. Prices aren't going down here, but it is taking longer to move the property....depending on the location.