Just watch. I am willing to bet that the "solution" to the ARM mess will be conversion of 30 yr ARM's to 40-45 year fixed's.
In the meantime, watch your neighborhood closely. Some people get very upset with all the for sale signs sprouting like weeds. They go out at night and remove them from vacant homes intended as "flipper houses." If you live in Florida, or coastal Orange County, expect a bevy of bikini clad beauties to show up for open house. These house flipping bandits will do anything to make a sale . . .