Great info, Spencer.  That's a lot of research that I would have had to pull from multiple sources.

The regional maps are fairly interesting, Seattle's core doesn't seem to be harmed too badly but Bellevue and North/South extremities have really taken a hit lately.

Rates of negative equity will continue to be the driving factor for poor market conditions, and I don't think that's weighted nearly enough.  Any of the cities with 40%+ homeowners under water are destined for years of more foreclosures and declining markets, even if they've flattened out for now.  Those markets under 20% have a real chance of recovery. 

It's all relative, of course.  The Good, the Bad, and the Ugly might just bet the OK, the Not-so-bad, and the Ugly.