While I certainly share some of the unease that many Americans have about the current situation, panic is not in my dictionary. I've been in some very dire situations in my past concerning housing and money, and I survived them. We'll all survive the current mess too. What I object to is the habit of Big Media to predict disaster and catastrophe every time there is some sort of predictable downturn in the economy or sector of the market.
Millions of home owners are not in a panic. They don’t HAVE to sell or refinance a 100% loan. So they just sit and wait it out and watch the show.