" Mortgage defaults continue to set new records. Foreclosures continue to set new records. Home repossessions by banks continue to set new records. The number of homes being constructed and the number of Americans applying for home loans is at stunningly low levels. For decades, owning a home has been touted as the very heart of "the American Dream", but today that dream is out of reach for an increasing number of Americans. Why? It is because there are not nearly enough jobs for everyone."
You can read the read the rest of that good news at The American Dream. You can look to see if your city is on this recent "Case-Shiller Price Cumulative Declines From Peak" graph over on Calculated Risk.
This is my advice to you if you have lost your job and face home foreclosure: Walk Away. Things are so fucked-up right now that doing so is the only thing that would make sense for you and your family if you unfortunately land in such a situation.
Ugly House Photos has even more lovely pictures of Phoenix neighborhoods. The more people that walk away from messes like these, the better.
