The mortgage crisis isn’t so bad because the downturn was not a sudden collapse across the entire US, but realtively gradual downturns over the course of years that varied in different markets. If you’re going to have to live with a bad real estate market, it is better to have the one we are getting, than the one where it crashes like a house of cards.
I would agree. I would also remind folks that market naturally fluctuate. While I do believe there is some cause for concern, the regional market fluctuations you mention are simply a normal process, somewhat enhance this time due to certain poor lending practices.