Went to a Christmas cocktail party tonight with about 100 of Southern California's real estate and mortgage elite. They just didn't want to talk about it. The bubble burst on imaginary property values - not just income growth. Too many flakey loans. Now they have to give their beamers and rolex back. Leased for show anyway. That's their reality. If you have common sense however, you'll do OK. Don't spend or leverage beyond your means.