The foreclosure rate hit a record high in April, according to RealtyTrac.  342,038 received at least one foreclosure filing last month.  That's one in every 374 homes--and a jump of 32% from April of 2008, according to Reuters.  While some economists believe the foreclosure rate is set to go down soon, its impact on median home prices has been severe in many metro areas across the country.  And the Wall Street Journal points out that the combination of lower home prices and higher unemployment over the first quarter of 2009 presents a dangerous one-two punch for some areas.  Here's a chart of the 128 metro areas that had a drop in median home prices over the last year, and their corresponding unemployment rates.  The metro areas toward the top right seem to face the biggest challenges.  (click on the map to see the metro areas):

Michael Shenk of the Cleveland Fed finds some silver linings in the latest housing statistics, and thinks the housing bust may be over.  

Alan Greenspan also thinks the housing market has hit bottom, but as Barry Ritholtz points out at The Big Picture, Greenspan said the same thing in 2006.