Here’s an interesting chart given to me by someone (not a Realtor) who attended a presentation by the Leslie Appleton-Young, Chief Economist of the California Association of Realtors in July.
It is using data provided by ForeclosureRadar.com , the firm featured in that CBS 60 Minutes piece a while back  and shows broad disparity within Sacramento, California by area divided by a highway. On the left features new developments, peppered with the damage of speculators and subprime.
I have long said that there is “no national housing market ” and that macro real estate data can be misused or misinterpreted.
Let’s take foreclosures.
Are they are growing problem? Yes.
Can they represent as much as half the sales in a market (ie Sacramento)? Yes.
Is it a serious issue that will get worse before it gets better? Yes.
Will millions of homes be foreclosed in the next few years? Probably.
Is every town (are most towns) in America experiencing massive foreclosure activity right now? No.