According to Shuman, of the 130 million homes in America, about 10 percent remain vacant. "These aren't even the bank-owned homes," he says. "These are homes that have been vacant and are going to stay vacant." That figure, coupled with foreclosures still trickling through the system, threatens to further inflate the supply of homes and push prices down further.
"Real estate is local, and what it's going to come down to is what is happening in the different areas," Shuman says. "There will have to be local or state government decisions. You don't want values of neighborhoods being crippled."