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I've heard this was coming for a while. I am glad that we bought our home a year and a half ago. We were lucky to find it being sold as a forcloser from Manny Mae. Now, even though the market is dropping, we've grown equity in our home.
We chose a fixed rate loan instead of balloon or any other kind because I knew rates would eventually go up. When and how much was the only question and we preferred not to take that risk.
It seems wasteful to me that so many homeowners are buying newly built home when there are many homes that are preowned that are in just as good a condition and less expensive at times even.
I wonder how much the hurricanes last year affected new construction in the south. I would like to see a region by region tally like the one in the first post. I have a feeling that in the midwest our market would not be falling so quickly and may even be rising. Our town is growing so rapidly and there aren't enough old homes to house the new people. I cannot recall many vacant homes except for in the new developments that are starting up.
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"Always learn the rules so that you can break them properly." Dalai Lama
My Karma just ran over your Dogma. 
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