Housing shortages DO NOT make housing value collapse. 

Note, he did not just predict a decline, he specifically states it will be the biggest collapse in the world....... 

At my personal residence the Iron pipes collapsed so we pretty much had to do a complete remodel of our house. 

My story is pretty similar hehe, I was in something like 2nd grade and had waaaay more "ignorance" of the global market collapsing around me.

the cases i have seen in Oregon is the sellers filed complaints at the AG and the AG went after the buyers.. when it was a scheme to defruad.. although i helped out another out fit that did about 30 of these and once their buyers started defaulting they could no longer make payments and the whole thing collapsed. they did get turned into the AG but nothing came of it but they did have several civil suits it was not pretty 

Wars, inflation, the collapse of the dollar, and other things can affect whether or not banks are willing to lend money.

I started REI back in 2008 when I saw my retirement savings being threatened by the stock market collapse that I had no control over.

I have definitely heard some concerns from others about the possibility of the housing market collapsing before the end of the year for all the reasons stated by others in this thread.I agree that it is time to tread lightly, however I think if you make sure you are still buying low, and you are very conservative in your ARV, you should be ok.