More than 1 million foreclosures expected this year

It just doesn't seem logical that our real estate market is going to see any significant price appreciation in the near future. Home sales and investment property sales are at all time lows and the current inventory is not being absorbed. Sellers (individuals, banks, and even government entities like FHA and HUD) that need to move their properties are having no choice but to continue lowering prices. Add to that, even more foreclosures are coming and it's hard to imagine prices going up anytime soon. We need job creation and we need it fast.