> For people who bought overpriced houses just to live
> in, well at least they'll still have the house.
>
Assuming they still have a job that will pay the mortgage...
I know one person who USED TO work as a middle manager @ Compaq, 35 years old, had never been laid off in her life, owns (or owned... not sure as of now) a house in Santa Clara and one in the Santa Cruz Mountains, with most likely an equity in the houses of $0.00, and no job in a similar pay range available at the time of the layoffs.
Ugly situation. -- Leigh leighcmeyers at gmail.com http://www.leighm.net http://leighmdotnet.blogspot.com