The credit bubble

I'm going to start referring to the housing bubble more accurately as the credit bubble. What is it? SoCalMtgGuy, author of the excellent Another F@CKED Borrower - casualty of the housing bubble blog and self described "Mortgage insider", sums it up nicely in a sentence.

I don't know what is going to happen when there are 10's of thousands of homes that are worth much less than the loans on them.

This article of his is not a bad place to start if you're interested.