This isn't subprime anymore

The credit crisis that has overtaken the country is no longer just about sub prime mortgages. It has gone from a few defaulted loans to the beginning of a world wide financial crisis that is affecting nearly everyone. The year of lies and accounting magic allowed for the destruction of billions of dollars of capital. The market bottom may be near but then again we might be witnesses the uncovering of a very nasty can of worms that has been held in secrecy the past few years. It is hitting main street now and if the credit markets stay frozen there is a chance that real estate could become the new unwanted asset. I question whether the market can even have normal inflation related appreciation if there is no way to purchase a home without 20 or 30 percent down payment and taking out the 2003 prices may be next. There is just no way to produce price appreciation without the leverage of lower down payments.