I think the US is not out of the woods yet, not nearly. The below infographic sums it up nicely: Local notes: the patch in the middle of Oregon is the Bend area, I bet. The inland empire in commuting/really-long-commuting distance from LA is all a mess. Vegas is a huge mess as is all of Florida. Even NJ and Long Island are up there. These foreclosures will be percolating through the system for years, will continue to depress home prices, and will continue to drive economic stagnation. One thing is for sure: the days of seeing new, giant, home equity loan-financed SUVs in front of shiny new McMansions are over.