What next?

Paying off your mortgage is still a good idea. Paying it off sooner rather than later is even a better idea. While you're at it, chunk down some of your other debt.

While a few are optimistic the housing market will rebound ("bound" may be too strong a word), there's a good chance money is going to be tight for awhile. At least for some people. For those for whom money is less tight, or who have wriggled their way free from the shackles of over-leveraging, opportunity will appear.

In other words, it doesn't matter how low prices drop for some things, like investment properties and the like, if you have no money, no equity, no more leverage.

So get out of debt. Save tens of thousands of dollars on your home by paying off your mortgage years sooner. I'm sure you can think of a lot better things to do with #50,000 or $100,000 than putting your banker's kids through college!