The Update is that on September 15th the Foreclosure Moratorium Lifted.

So where are all the foreclosures?

Henry Fishkind, an Orlando-based housing economist, says some banks tell him they "are holding back [foreclosed-home] inventory" to avoid depressing prices any more than necessary. "It's in their interest" to avoid flooding the market, and regulators haven't forced them to do so, he says. That suggests that the backlog of homes headed for foreclosure will be stretched out over several years. ...

If that is the case, then we are going to see a turnaround with the housing market.  It may be sluggish, but then again who wants to relive 2004 and 2005?

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