I smell a monster in the closet.
California is #1 right now with the highest percentages of foreclosures with Florida a close second. You KNOW the rest of the country will follow. And if people can't pay the high interest rates on their homes and default, massive credit card debt is next to be defaulted.

Watch the banks start folding and the crash is coming next.

It ain't going to be pretty. High end neighbourhoods and newer homes will sit empty and more and more lower and middle class people will be homeless for awhile. It will be a renter's market. Wouldn't be a bit surprised if the government steps into the housing market to make homes available for the displaced. Look at this happening in the next 2-3 years.