The sad thing is that very little has occured to relieve the vast number of individuals that will be forced to leave their homes becaose of "foreclosures." Banks are slow and reluctant to offer loan modifications and the "short sale" process is an abomination.....offering little to no support for those that are in trouble.
Only time will tell what the future will bring BUT for certain, America's banks need a wake-up call, fewer gifts, and a level of accountability.
The Dollar is failing on the World Market.
The Federal Deficit for this YEAR is $1.4 Trillion Dollars.
Real Unemployment in many States is approaching 20%.
Many State Governments, especially California, are essentially bankrupt.
The Current Administration and Current Congress are proposing even more increased Debt and increased Spending.
There are 19 million residential properties for sale in America at this time. The Banks have an estimated 4 Million Foreclosures that are not yet on the market. There is an incalculable number of "Shadow Listings" - possibly another 3 to 4 million homes - waiting in the wings.
The Construction Industry is on Life Support.
The Northern Automobile Manufacturers (Detroit) are history.
Other Manufacturers and Industries are shutting down and leaving the USA.
The Southern Mills and Plants in KY, TN, NC, SC, and GA are gone, and they are never coming back, excepting the European Auto Makers that have set up shop in Spartanburg, Montgomery, Nashville, Lexington, Birmingham, Chattanooga, etc..
There are No Jobs anywhere, except in Washington, DC.
Millions of "Prime Mortgage Homes" are scheduled to have ARM Resets this Spring, which will result in more Foreclosures and more Inventory.
Commercial Real Estate also has millions of Mortgage Resets coming this spring. Many regions in America already have 10% to 20% Vacancy Rates. This will only get worse.
Restaurants and Small Business are folding in droves.
The Tourism, Hospitality, and Hotel Industries are on the brink.
Over 300 Resorts and Hotels in California are being mothballed at this time.
Florida Tourism is dead, and Florida is in a "Negative Population Situation" for the first time in History.
Yes, Real Estate Prices will drop. Probably to early 1990's levels, maybe lower.
Despite signs of broader economic recovery, the number of foreclosure filings hit a record high in the third quarter - a sign the plague is still spreading.