The real estate meltdown is far from over.What started as a correction in the overheated, overinflated housing market is affecting all sectors of the real estate industry now. Many banks are in a state of near collapse as a result of the commercial real estate depression. And in the traditional loan market, defaults have nearly doubled.Now, even homeowners in expensive neighborhoods are going under, as this Wall Street Journal article by Nick Timiraos explains:About 30% of foreclosures in June involved homes in the top third of local housing values, up from 16% when the foreclosure crisis began three years ago, according to new data from real-estate Web site Zillow.com. The bottom one-third of housing markets, by home value, now account for 35% of foreclosures, down from 55% in 2006.The report shows that foreclosures, after declining earlier this year, began to accelerate in the late spring and that more expensive homes have more recently accounted for a growing share of all...(Read Full Post)