I hate to say it... but I told you so.  The housing debacle is not over, home prices have another 20 to 30 percent left to fall in most places.  Home prices are still out of whack in relation to income.  Did you really think your house could double in value over a few years while household income remained relatively flat?  Exactly.  A nice fantasy, but go play Dungeons and Dragons somewhere else... this is reality.  There's a zillion unemployed people living on savings right now and the employment picture is still looking like kindergarten fingerpaint, not Picasso.  Here comes round 2.  Check out more here.

Thanks to Seeking Alpha for the below graph.