Loan Modification

While the self-serving and delusional real estate industry keeps talking about a rebound in the property market -- see "A Nascent Recovery" for just one example -- the reality is altogether different.

Aside from the fact that inventories remain near historic highs, the crumbling economy is reducing the pool of eligible buyers by the day, and banks are loaded to the gunwales with foreclosures that they need to get off their books, there are also other storm clouds brewing.