wait until the housing market crashes

The Housing Bubble
There are a lot of people locked into ARM's when interest rates rise, they may default, the question how widespread will it be?

As the blast radius expands, the damage spreads. The value of all homes in the U.S. runs around $13 trillion to $14 trillion, Rubino notes. A 20 percent decline in property values across the board could vaporize some $3 trillion in equity. The impact will be far more pervasive than the Internet crash not only because the destruction of wealth will be greater but because far greater percentage of the typical household's net worth is tied to housing equity than was ever invested in dot.com stocks. Homeowners will curtail spending, perhaps on a scale not seen since the Great Depression. Thus, in a tertiary impact, businesses from furniture manufacturers to restaurants, from appliance manufacturers to vacation resorts, will suffer drastic fall-offs in business. As these enterprises lay off workers, unemployment rises and purchasing power declines even more, spreading even more misery.