MB, You are right on target with what Icahn is saying. So if in your areas the value is still 10 to 20% under value then how many people are still under water on there loans that they have? They got there loans for 90 to 100% value at the 2000 to 2008 and are still under water. When there is a slowdown of the economy many will lose there jobs again and will let go of these properties that they have a bigger debt then what the value is.
Then there are the big cities that the value is back to the 2008 which will take a fall.