Not hardy.  People will always need housing, and so will they need financing.  Folks who have been in the real estate and mortgage business for a while know that market downturns are part and parcel to a cyclical industry as this.  In the last 30 years, there have been recession which adversely impacted the industry, and those were painful to get through.  

But there is no recession in today's market.  Look at how the stock market has set new records over the last six weeks.  In housing, low rates drove high prices, and the speculation simply ceased.  The media played a part in that, too, with constant "housing bubble" breaking stories.  Overpriced homes with negative equity along with escalating ARM loan rates have caused some homeowners to default. 

But that simply creates another opportunity for investors.  Sure, they'll buy low, but they'll also take some risk by putting vacant homes back into the rental pool, thereby providing housing for those who missed the "boom."

We're optimistic about housing and lending in the near term.  The pendulum swings both ways, and the future holds an up-tick.