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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.

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Bank Decline Foreclosure Housing Level National Need Significant Substantial Trigger

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The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
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There is no evidence that the business cycle has been repealed.
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When trust is lost, a nation’s ability to transact business is palpably undermined.
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This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity.
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I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
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