Real estate foreclosures are up over 90% since May 2006.
About half of these are in 5 states: CA, FL NEV, AZ and GA-
13% of the mortagage market is subprime.

14% of them are in delinquincy- meaning more than 30 days past due.
5% of the subprime are in foreclosure.

As a percent of the total (14% x 13%) 1.87 % are delinquent. Still high by national standards.
As a percent of the total (5% x 13%) .65% are in foreclosure.

Historically bad for the industry and especially for those concentated in one of those five states- but it doesn’t seem so devastating for the country as a whole. Is it worth 1,000 points on the dow?

Beats me, but it is fun to watch. Markets tend to run to extremes.