If you listen to the tape he says that the majority of people with a mortgage have never had it so good.
This is true. Unpalitable but true.
It is also true the majority will not be greatly affected by this 'recession'. Again unpaliable politically but again true.
If you have an expenseve mortgage I suggest you change it. There are some very attractive deals arouns and for most with a mortgage
it is relatively easy to get a new one.
As for house prices dropping, this is a temporary dip, indeed in some areas it is already reversing.
Your house (that you live in) should not be treated as an investment.