Real Property values are not projected to recover from this real estate glut/crisis for at least another decade on a national basis.

Sure, there will be pockets where the real estate will somewhat rebound, but nothing like it was just four years ago.

The days of 2nd Mortgages are history, and will be for at least ten years.

This is going to impact the federal, state, and local government revenue purses on a historic scale, once it compounds.

The reason is that real estate valuations are almost universally appraising for 30 to 40% LESS than they did just 18 months ago, yet PROPERTY TAXES remain at the pre-bubble POP values.

What this means is that the MAJORITY of Americans are still paying property tax rates on properties that have been DEVALUED up to 40%, yet the tax rate NEVER WENT DOWN.

Once this sinks in, there will be a tremendous tax revolt.