A compilation of some shocking numbers I've come across in the last few days:
Over a third of all home sales currently are foreclosed properties! Translation: Any increase in home sales ("we have a bottom") is because of the glut of cheap homes.
23% of all homeowners with a mortgage owe more on their mortgage than their house is worth. Translation: Holy Shit!!
A foreclosure near your home depresses the value of your home from somewhere between $5,000 to over $20,000, depending on who did the study! Translation: This foreclosure thing does affect you, at least in the short-term.