Meanwhile, here in Utah...

...things haven't gone bust yet, but look at the "For Sale" signs starting to stack up. This is especially true of high-end properties, which probably have an 18-month inventory right now. Not so easy to get those jumbo loans for a quick flip or even for buy-and-hold. Expect this crunch to roll right on down the market. The glut in the high end reaches all the way down to $400,000 because that's where the jumbos start. The folks who were heating up the starter market can't get loans at all anymore. And the folks who would be making the middle market can't get their current homes sold. On top of this, the most bogus of the loans (from 2006) will start adjusting upward come 2008. Ah, to be sitting around with barrels of cash next year.