Hey, at least you folks have rent control laws over there. I'm currently moving house (in Singapore) because my greedy landlord is raising rent by 30% this year
As for what Night Phoenix think what the hell should or could be done, it is difficult to say. My personal take is the asset deflation of American homes is healthy. Eventually, they are going to go right back up, so what Arainach said is true - it is an excellent time to buy a house. When? No idea, as the posted article pointed out, things may get far, far worse.
Now, what you CAN do. You want to make sure that you have a good credit rating, and that you can actually afford to pay off that mortgage, when you decide to buy that house. The basic premise of subprime was a bunch of folks buying homes they could not afford, but temporarily could because of low 2-year 'introductory' rates.
Jam it back in, in the dark.
85242
35212
Zergrinch