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I'm also economically challanged, but I'll take a stab at some of it.
If housing prices go down 2%, then the assesed value of my house should go down 2%, and my local government's real estate taxes should go down (HAH!) by 2%. So it's not such a bad thing, in my eyes.
Also, with housing prices going down, you will see fewer new housing starts. So the demand for building supplies should go down, and prices should go down a little too. You might be able to get a sheet of plywood for a reasonable price again. Good news if you are fixing up your own house.
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