This story talks about the shadow inventory.  Prime areas will feel the pain less.  The bottom-line; the nation needs to generate jobs.  The unemployment rate is the leading indicator in real estate.  We will not get back to a healthy balance until the unemployment rate drops.

Housing isn't even close to stabilizing
MarketWatch
In spite of the huge number of foreclosed homes that have been sold by the banks in the Las Vegas area, the volume of new foreclosure actions continues to ...
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