I just listened to Pres Obama's address concerning housing and, at least on the surface, it sounds good! Very little details and some point of worry but overall it appears we will be getting help for homeowners. Most of the points in the new plan concern Fannie Mae and Freddie Mac and will have them owning almost all mortgages in the future. New lower interest rates, and new loan amounts to match current values on homes, and greater percentage of "value". This will allow many to refinance and lower their monthly payments considerably. To stem the high rate of foreclosures, banks getting goverment funds will be required to adjust many of the "sub prime" loans outstanding to meet certain requirements, including mortgage payments of not more than 31% of homeowners current income. Judges being allowed to adjust some mortgages to current values and lower payments. Of course you will still have to qualify for these new loans, so if you are out of work and have no income, you will not be able to avoid foreclosure. But this certainly should help stem the tide and help neighborhoods maintain some value.  So even if you are a "good borrower" and pay on time, you should not see a further decline in home values after these programs kick in. Good news for all homeowners!