Not sure what you're seeing, but I think any current lower RE prices only reflect a general lack of confidence in the future/economy. IMHO, when the economy recovers, RE prices will ratchet back up at the same time.
Many can’t make loan payments and for now these Lenders are forgiving..for the moment..But at some point that will change and these Banks and such will want their money and these borrowers will not have the means to get it..