Beyond the current sub-prime mess ... and, by the way, lots more sub-prime and low-documentation mortgages reset in 2008, so that debacle isn't over by far ... is the next potential hit.
The Boomers' impact on US economics/politics/society to-date is well-known. Take a look at this article about the potential next hit on housing prices by Boomers cashing-out or trading-down. All real estate economics is local ... how will your house fare?