Although this chart is based on city data, counties are experiencing the same situation. I'm sure the tax assessors have been coached to hold onto every dollar they can.

This real estate crisis is far from over. On top of the double dip in house prices that we are currently seeing it has now come to light that the ownership of your mortgage may be in question. During the heyday of mortgage backed security creation the profiteers decided to skip required documentation because that process could not be automated and was slowing them down. Some astute foreclosure victims started looking into their paperwork and found that the lender that was foreclosing on them did not have the documentation naming them owner.

The nation's top three home-builders have posted bigger losses in this year's first quarter than in last year's first quarter. Potential buyers of new homes are avoiding them for fear that they will continue to lose value and are purchasing low-priced foreclosures instead. This is the time of year when new-home sales are supposed to pick up but so far it has been worse than most expected.

 In February the Case-Shiller home price index dropped four the eighth month in a row. Year over year prices were up in only one of the markets covered, Washington DC. Home prices in Atlanta are at their lowest point since the recession began. Atlanta house prices are down 5.8% from a year ago. Atlanta prices are down 26.3% from the national peak in July of 2006. Values in Atlanta are now 5.6% below the previous national recession low in April of 2009.

The Commerce Department reported that March new home sales were up 11% over February sales. The pace of new home sales however, continues to be well below the pace at which economists consider healthy. Builders continue to struggle and compete with the large numbers of foreclosures.

Okay, hodgepodge or potpourri of market data today. As reported by the Associated Press today investors drove home sales up 3.7% in March. This was primarily due to investors purchasing foreclosed properties with cash. The number of first-time home buyers actually fell. Foreclosures or short sales are making up 40% of the market currently. The 3.7% March uptick represents an annualized 5.1 million sale rate however this is significantly lower than the 6 million sale rate that economists say represents a healthy market.

"The risks we face in 2011 are greater than 2010," Klassen added. "The most significant risk is the end of fiscal and monetary stimulus in the first half of this year. It will take a lot of steam out of the economy. To me, prudence would dictate waiting until the end of summer to see how things pan out. By then, we will also know the extent of state and local government job losses, which may be significant according to what we are hearing in Texas. I wouldn’t want to be signing pricey contracts before then..."