This is why the banks do not want to foreclose and take ownership of houses.  Which is why the pipeline of distressed properties will take years to clear.  Which is why the Pierces might be able to afford a house in two years.  Just a theory, of course.

http://www.npr.org/2011/07/07/137647997/the-cost-of-owning-150-000-foreclosed-homes?ft=1&f=1002&sc=igg2