I'm a housing a bear, sometimes. And even I was shocked on the quickness of the housing decline. Mortgage rates are still below 5%, way below the normal 8% to 10%. In addition, the stricter Qualified Residental Mortgage standards haven't been approved. Last Freddie Mac and Fannie Mae are still government own, when they privatized it will make getting a mortgage that much more difficult.
Read it allClear Capital's latest HDI report shows that although the West region continues to slide this quarter (-4.3%) and has reached double dip territory, U.S. home prices are flat across most the nation.
Villacorta further stated, "Looking deeper at the disparity between the West and the other regions, we find that the rate of change in REO saturation continues to serve as a leading indicator of home prices," said Villacorta. "For example, out of all the regions, only the West showed acceleration in its REO saturation from the previous quarter."