Depends on how much your payment is relative to your income, and how secure that income is.
I'm sure many, many, homeowners will be able to weather the storm.
But many will also not. In particular the interest-only and minimal down payment borrowers.
Some people are predicting deflation, others stagflation. A possible strategy for financially surviving either scenario would be to purchase a home that is affordable under traditional measures, rather than the crazily lax lending standards of today.