If you follow this blog you see dispiriting vignettes, one after the other.
Ok, then... Here is some vaguely good news from Jared Bernstein.
1. Residential foreclosures might be peaking.
2. You can make a case that housing prices in major metropolitan areas are falling less fast YOY.
Therefore, says JB, "Given the levels of distress in the first chart, we’re far from out the housing woods, but the combination of the apparent peak in foreclosures/delinquencies in tandem with the better price performance of non-distressed sales suggests a pinprick of light at the end of what’s been a terribly deep and dark tunnel."