I'm more positive about Texas than almost anywhere, because the underpinnings are good, and it hasn't had the huge run-up that other markets have.
That is, their combined mortgage debts exceeded their home values by more than 10 percent.
Our nation is a 10 trillion-per-year economy currently possessing 19 trillion in household asset value and 11 trillion in homeowners' equity. Losses of 110 billion - spread over several years - would come to only about one percent of the total national homeowners' equity.
Nationally, I think it will be a common cold, if you will.
The people who bought in 2003 or sooner ... they generally have enough equity that they're going to do all right.