Yes, when homes (in my area) that were built 5 years ago for 350k and are still sitting at asking prices in the 240-260k range. It's pretty close to fucking anyone that has made a home purchase in this decade.
So far housing prices where I'm at have barely budged.
Also, anyone who bought before 2001-2002 or so is still probably doing OK provided they didn't HELOC or cash-out refi except in the very worst of markets.
Nice article in the grey lady with some stats:
http://www.nytimes.com/2009/03/04/business/04leonhardt.html?hpBasically 2G2D is hitting the lower-educated the most right now in terms of jobs since the bubble was in construction, but the huge convulsions in the stock market should have positive impacts for younger, less established investors just now getting into their 401ks and buying their first homes-almost all of which is essentially redistributed from the most wealthy as their portfolio and real estate holdings plummet.
another point the article hinted at but didn't make - without a manufacturing base or construction work, a decent job without at least some community college/vocational school time is going to be harder and harder to get, and even then a four-year degree has cemented itself as a baseline middle class requirement. State and federal education funding and arrangements need to reflect this reality, especially when it comes to student loan debt loads and encouraging students not interested in a full white collar, four-year college job path to enroll in vocational technical schools with apprenticeship programs.
