US property looks cheap – but not quite cheap enough

In 2010, banks repossessed some one million homes in the US. According to RealtyTrac, 2.9 million households were subject to foreclosure filing. Over 25% of American homes are in negative equity. With prices down about 25% from the peak, this housing crash is considered as bad as, if not worse than, that of the Great Depression. There is blood on the streets. So is it time to buy? Let's take a look...