At least it is by my observations.
When the housing market blew up last time, the real estate listings I get were loaded with short sales and foreclosures. Over the last few years, these slowly went away, and 95+% of what I received were just regular sales.
Over the last two months or so, I'm seeing a rising number of short sales and foreclosures again, along with hearing things on the radio and in blogs about the "0% Down" loans, and even some sub-prome loans being offered again.
This morning's listing of 5 properties in the 60435 area code had two foreclosures, two short sales, and one regular sale.
Looks like it's starting again, and when this one pops, I suspect it will be worse than the last time....