I think your main concern should not necessarily be the housing market but what's causing the underlying problems. For most of your life and for all of your "conscious life", you've lived in an era of cheap money. All this cheap money has led to extraordinary growth in the value of assets in all classes. That era has now come to an end.
These are the questions that I would be trying to answer if I were in your shoes:
How will this affect student pilots ability to secure funding for their training? How will this affect the flight training industry?
How will this affect the ability of the paying punter to fly for leisure or businesses to send employees abroad for meetings?
And the demand for your skills as a new pilot? How will this affect the training costs for airlines? How will it affect your ability to pay back that loan? What interest rate can you expect to be paying?
Remember that the banks don't want you to pay back the principal, they just want you to keep paying the interest as long as possible, your entire life if possible.
Last edited by v6g; 7th Apr 2008 at 02:15.