It's the worst nightmare in the real estate business (construction, appraisal, sales, escrow, title, mortgage loans and all). The Ponzi scheme has began to crumble. People no longer believe their house will be worth more tomorrow than it is today.
In fact, they're certain it'll be worth less.
For those who have no real assets tied up in their home, those who didn't put much down or who have not "owned" for more than a few years, how can they NOT walk away when the wake up to find they owe $150k more than the house will sell for?
Momentum is beginning to build to the downside...acceleration is now certain.
Sorry for going OT...was answering a misguided Freeper’s question.