Here’s the first sentence from a Wall Street Journal article on the seemingly never-ending mortgage meltdown:

Mortgages issued in the first part of 2007 are going bad at a pace that far outstrips the 2006 vintage, suggesting that the blow to the financial system from U.S. housing woes will be deeper than many people earlier estimated.

To paraphrase The Godfather: Just when we think we’re out they pull us right back in.

If you’re sitting on some cash you should be seeing some once-in-a-lifetime real estate deals in the next couple of years.