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The foreclosure pipeline needs to be cleared before this problem will go away. New York has a 987 day back-log, while tens of thousands of people live in houses for free.

Tear off the band-aid already, so the market can heal.

69Charger says

Excellent news!

Inflated asking prices are choking the economy. Get prices down to their natural levels at early 1990's levels where they should be and watch the economy take off.

Prices (should be) Falling.

But a financial center like the Bay Area has a direct pipeline of newly-created money from the Fed to keep prices artificially high.