I wanted to revive this thread for a little historical perspective. It was only less than 1 year ago that powayseller started this thread and was savaged.

According to the MSM we are already at 573k foreclosures in 2007.
http://abcnews.go.com/Video/playerIndex?id=3437816

2 millions foreclosures is now being thrown around as something inevitable.
http://realtytimes.com/rtcpages/20070608_nationdoomed.htm

Realty trac says that there were 1.2 million foreclosures in 2006
http://originatortimes.com/content/templates/standard.aspx?articleid=2274&zoneid=5

History can teach us a lot.

Now the questions are how many total foreclosures have there been since the peak? And where are those foreclosures in the resale/liquidation process?