Anybody saying that the worst is over for housing and/or the economic in general simply has not done their homework. While the next wave of remaining teaser rate mortages to reset are mainly of higher grade than the sub-primes, the fact that this next phase will occur at a time when the U.S. consumer has been weaken substantially will certainly add salt to the wounds. Not to mention any losses that might be associated with the securitization of these potentially dodgy debts. Also, those who are preaching to going long housing now (predenting to be the smart money) will most certainly get reamed. Another wave of mortgage defaults could substantically increase the supply of housing and send prices to new lows.