Here is a more descriptive excerpt regarding the Fitch report.

Fitch is a VERY reputable company when it comes to ratings, so I believe their perspective more than 95% of the opinions out there. They are compiling the data from the “Wall Street” perspective, not just the general housing industry perspective.

http://mrmortgage.ml-implode.com/2008/07/25/fitch-massive-house-price-losses-in-non-conforming-areas-to-come/