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So, is this really all hype?

I do not really spend much time talking about residential here, but a post by Doug Cornelius really interested me today.

The interactive maps, complied by the Fed in Boston, show lots of foreclosures going on in 2007 in Massachusetts. But compare that activity to the crunch of 1992! There's no comparison. Things were WAY worse fifteen years ago.

I know this is only data from one state. But it sure makes you wonder if this "crisis" is all blown out of proportion because it is a break in a long, long run up in the market. Is it media hype? Politics? Or are things that bad?