Donald Trump went on TV and warned that we may be heading into something worse than a recession unless Fed Chairman Bernanke cuts interest rates very deeply. The impression Trump left was that he wants Greenspan back.
That, of course will not happen. Bernanke has dealt with this by cutting the rates 1/2% which is a big cut.
Bernanke will deal with the situation in a responsible manner.

The economy will stagger a bit, then stablilize, then grow again. This process will take about 1 year.

The population of 21 to 28 is growing and these are the people that will start to buy the houses and bring this real estate slump back out of the doldrums. They will be the people that will spend more as the baby boomers go into retirement.
So for the long term don't panic.