I am currently on holiday in New York, US. I will probably post little until I return to UK on 1st September.
I found it funny that some of my friends in New York are playing a game of "foreclosure spotting". They keep their eyes peeled for signs of empty houses - evidence of foreclosure. They expect the number of foreclosures to rise quite soon. They live close to a relatively poor area - Jamaica, Queens, NY. They say this area was targeted in the period 2000-2006 with aggressive mortgage sales campaigns. They find it very interesting to see how the market has flipped to the other side.
After writing so much about the US housing Market problems, it's fascinating to see it in action and also examine how ordinary (non-economists) view the issue.