[lena]

I don't know about foreclosure data, but I also wouldn't look at just that, because regulations are different in other countries. I live in the Netherlands and a lot of people now (about 30%) have a mortgage that is worth more than the house. That is not a huge problem as long as they are able to pay the mortgage each month and do not have a pressing reason to move, do not get divorced, etc. but if they do need/want to move they end up with a debt for the difference of the value of the house and the mortgage (In this country, you cannot just walk away from your house and debt, you always remain responsible for the debt).

I think the fact that 30% of all houses here are "underwater" is a better sign of a housing bubble than the amount of foreclosures because at least where I live in many cases banks prefer not to foreclose but put the house on the regular market and hope to sell it for a reasonable prices.