This video is the most down-to-earth explanation of the impact of subprime defaults for regular homeowners. It's just five minutes, but definitely worth your time if you're considering home buying, selling, or refinancinig in the next few years.
Also, on the same topic, the cover article on BusinessWeek for February 11 is "Housing Meltdown: Why home prices could drop 25% more on average before the market finally hits bottom." Yikes.
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