I spend all day every day looking at and working on foreclosures. It can be depressing. And given that the primary causes of foreclosure are price declines brought about by excess inventory, created in part by foreclosures, it's easy to see how the doom-and-gloomers argue that we are in a self-reinforcing death spiral with no bottom.
In reality, nothing could be further from the truth. There is a bottom, and the gloom will clear.
Let me explain.