It's not opinion -- it's fact. Look at your local sheriff's auctions. Determine the current value of the homes, and determine the peak values of the homes. Look at the totals owed vs peak and current values. The numbers bear what I say out.

Also, if values are down 40-50% from peak, but people only borrowed 50% LTV, they'd be able to sell without going to foreclosure or short-sale right now.