A candid survey of property professionals by the Urban Land Institute and PricewaterhouseCoopers serves as a valuable resource for those interested in the future of the US real estate market. The report is sprinkled with colourful quotes from property investors—the downturn produced “a deep canyon” separating “trophy” and “trash” assets, “with a lot more trash”—as well as quantitative expectations for the quarters ahead.

Even though it was conducted before the furore over faulty foreclosure processes hit fever pitch, the survey suggests that lenders are not in a hurry to foreclose on delinquent borrowers. Still, next year more repossessed properties are expected to be put up for sale, not least because buyers “realise they should not expect giant discounts on everything that comes to market,” according to the survey. Now, with the spectre of legal action and forced repurchases haunting distressed properties, activity may not bounce back as quickly as expected.