After reading all these posts I'm starting to feel lucky, out market has been somewhat immune to the housing bubble... we bought for 150K and after two years we are up to about 190K with all the improvements adding the majority of the equity... Richmond real estate is still appreciating at about 4%-7% a year as compared to 10%-14% a couple of years ago.
I have talked to alot of people who have lost 10%-20% in the past year due to the housing bubble, most of them were in Northern VA/ DC area