There's this article from news.com.au today titled Million US home foreclosures forecast". Some of the stuffs it mentioned are quite scary:
"The woes of the US housing market are dragging on longer than expected, and may lead to over one million foreclosure notices this year for homeowners, US Treasury Secretary Henry Paulson said overnight."
"the problems in housing represent "the most significant current risk" to the US economy."
"Current trends suggest there will be just over one million foreclosure starts this year, of which 620,000 are subprime"