I put my house on the market as soon as I heard that Wamu was caught paying (read "favoring") appraisers to inflate the price of homes in the hopes of lending more money during lax mortgage regulation. I've watched the value drop about $80-90,000 since then. I just closed yesterday, the house appraised at $25,000 under county assessed value. Homes in my neighborhood are just starting to short sell, some at half of their assessed value, makes it tough on any one who was responsible and played by the tried and trusted rules. I still had equity as I bought very low and never re-financed to purchase a new Audi A-4. I've decided that re-enrolling in college is the best way to sit out the rest of the recession and by the time the market truley recovers, I'll have a master's degree. Taking the money I have now and am going to purchase a large blue-water sailboat, let the world burn down around me, I really don't care, could get to Tahiti on less than $1,000.00. Greed is at the heart of the bubble as it was the last time it happened and the time before that. As a species, I don't think we'll ever learn that lesson. Buy low sell high, power to the people, ah salam alehkem, etc.