Kick a man, socal.
Be cautious of the "It won't happen here!" mantra. The states with the highest foreclosure rates are in the midwest, Ohio Valley, and Southeast. The local markets will react at different rates and varying magnitudes, but the net effect will be negative.
We are seeing the final death blows as central banks around the world remove liquidity from the wheels that turn. In that climate, cash is good and assets are like concrete shoes.