Interesting perspective on "10 US Housing Markets At Risk Of A Major Collapse" at Business Insider by commenter andrewp111:
Don't worry about the foreclosed houses kept off the market in FL and CA. The legal (chain of title) documentation is so bad on most of these, that it will be decades or even centuries before this stuff can be sold. No one will insure the title means it can't be sold. The only way out is for the Gub'mint to sieze these properties by Eminent Domain, and then sell them over the next several decades to make their money back.
Yes, folks. Eminent Domain is the sole means of clearing the titles on this mess. The collapse of Lehman Bros was like a neutron bomb inside our financial system. There is really no way to fix it through normal means. Expect Obama to propose a $3 trillion Eminent Domain cleanup of dead assets in his second term.