The Housing Market Goes Boom

You know, I keep hearing about how the housing market is crashing. I believe them. And I think anyone who took out a variable rate mortgage, when the loan rate was at an historic low, were complete idiots. The rates would only go up, not down! People were so excited to be able to afford the house of their dreams. So, I'm sure there are people in California, where the cost of living is sky high, scrambling to get a locked in rate with a state of California mortgage refinance. Otherwise, they will lose their dream house to the nightmare of foreclosure. This is why I still rent...other than the fact that I really can't afford to own right now (home repair, anyone?). But if I had bought...I sure as heck would never, ever have gone with a variable rate mortgage.