Sub-Prime Mortgage Crisis Alarms

As the "Sub-Prime Mortgage Crisis" spreads to more cities across the United States,will this affect the rest of the economy?
New home building and mortgage origination made-up 6% of the American economy in 2005, at the height of the real estate run-up.
New house sales are off 50% of what they were a year ago and prices have been coming down on the transactions that have been able tofind financing, Click:
http://communati.com/main/real-estate-alarm-bells-ringing-credit-markets