The housing numbers just keep getting uglier.  From Mish's blog today:

• US Households: 75 Million
• 2009 Projected Foreclosures: 3.5 Million (1 of every 21 households)
• 2009 Projected Home Sales 5.5 Million
• Inventory of Foreclosures 2 1/2 years (assuming 25% of home sales are foreclosures)
• Number of Homes Underwater 8.8. million (1 of every 8.5 households)
• Number of Households underwater if prices decline another 5%: 11 Million (1 of every 6.8 households)

His conclusion?

Foreclosures and defaults of all kinds and consumer balance sheet repair in general will be a drag on the economy for years, possibly even a decade. I Expect Seven Years of Subpar Growth and High Unemployment at a minimum.

Hard to argue with him.