Ugly facts

(Reuters) "So-called "motivated sales," or foreclosed houses sold at auctions or by financial institutions, surged 177 percent last year while all other sales in the 25 metro areas tracked by Radar Logic fell by 17 percent....

Prices sank in all 25 metro areas, pushing the Radar Logic composite index down 22 percent for the year."

(Reuters) "One in five U.S. homeowners with mortgages owe more to their lenders than their homes are worth, and the rate will increase as housing prices drop in states that have so far avoided the worst of the crisis, a new study shows."