Spencer Rascoff, the COO of Zillow was just on Fox Business News giving an overview of the real estate market. (link to video ).

Here are some of the low lights:

1. 1 in 5 American homeowners are underwater on their mortgage (20.4 million homes)
2. In 2006 and 2007 the median down payment for a home was around 5%
3. Americans lost about $700 billion in home values in 1st quarter alone
4. The L-Shaped Recovery
1. 4 million homes for sale right now
2. 20 million more homes may come on market soon (as home values appreciate)
3. 1/3 of Americans will try to sell home within next 12 months if they see a recovery
4. More demand will bring much more demand
5. 20% of all home sales are now foreclosures
6. 10% are short sales