They had a story in the paper here in S. Florida about houses and condos that had been on the market for over a year. There were hundreds and hundreds in W. Palm Beach. It’s fugly.
Check out Stockton Ca. They have the booby prize of the most foreclosures per capita in the US.
http://globaleconomicanalysis.blogspot.com/2007/09/commercial-real-estate-abyss.html
It’s not just residential, and not just Florida.