The markets will open in a little over an hour. Futures point to what's known as a gap down day. That is, there will be a sizable gap between where market indexes, and the stocks of which they are comprised, closed on Friday and where they will open this morning. The only real question to be answered at this point is: How low will it go.

There are over 2 million mortgages out there covering homes sheltering families who are overextended. If they can barely make payments now, what happens when their payments go up as their Adjustable Rate Mortgages ratchet up to market rates?

Even if some plan is enacted which freezes their rates, many are still in trouble. A recession invariably puts people out of work. This recession looks as if it will occur in an inflationary period. Higher prices for food and clothing and transportation will certainly put a strain on homeowners already strapped trying to make mortgage payments.

It was about 18 months ago when a good friend told me it was a very bad time to buy real estate. He said a correction was coming. He advised to sit tight for 5 years, that after 60 months real estate would be a buy again.

If he's right, we still have more than 3 tough years to go.