"There's a large group of people who are really stretched out," DeKaser said. "They should be in a home that's half as expensive as the one the have. They are finding themselves with a reset mortgage where all of their spendable income is going to the house and they can't afford to go out to dinner."
Value can still be found in real estate, Tim Kelly: The (Everett, Wash) Herald, October 28, 2006
This ties into Roubini's call for a recession sounds more real now by Nick Godt, over at Market Watch.