L yes

An estimated 48% of US mortgages will be underwater by 1Q2011, house prices will fall and large inventories of REO houses will drive house prices down further. Nearly every part of the economy has excess capacity – which means prices must fall and a 'downward adjustment' in US living standards is inevitable. That means less retail, less service sector spending, lower taxes and lessened government services. The worst is not over; we haven’t got to the bottom of the “L” yet.

---C K Michaelson, Some Assembly Required, 8.10.09