A couple things I meant to mention today and never got around to.
Henry Blodgett at Clusterstock has a great post that runs through Deutsche Bank's most recent assessment of the housing market. I resisted the temptation to steal the charts -- they're terrific -- so you will have to follow the link over there. It's a very logical review of the current state of the market and the mountain it has to climb to get back to whatever normal is going to be.
The other article I wanted to point you to is Edmund Andrews accounting of his personal experience with foreclosure. He's an economics reporter for the New York Times. His story is one of an inability to pass up a deal that he should have well known would only lead to tears. It's well written and a tale that is being repeated throughout the country.