You make a good point on monthly vs. annual figures, but keep in mind that although the number of people buying homes is not as high as it was, it's not nonexistent, and would be factored in to the overall situation.

The actual report is here. Keep in mind the report authors make money on foreclosed homes, and that the statistics include people who have so much as received a default notice.

The patterns are weird (look at the map and table). States like California, generally considered affluent, are stinking up the joint, while a lot of states one would generally consider less affluent (on average) seem to be doing pretty well. I wonder if anyone has analyzed these things more deeply.