I agree with Cardiff.
The foreclosures have to be resold so someone. To find buyers, prices have to drop.
I have a relative who lives in the Columbus, Ohio area. They live near the best private school in Gahanna and prices only nominally moved up during the boom. Now the whole region is being hit with foreclosures. Guess where prices are headed?

The whole country is affected by the mortgage mess. The places such as California and Florida that overheated the most will experience the most pain. But “affordable” TX, OH, IN will be affected as well.