Here are the important points of the article:
Housing prices wont return to their peak values until 2015. That mean years of devaluing homes, flat to no appreciation…then slow reappreciation.
Other than the FHA (Fannie and Freddie) there are virtually no other lenders able or willing to originate loans.
The ‘move up’ market is very slow. Why? No equity in existing homes to use as downpayments.
Return to 20% down payments on homes. Just a few years ago most buyers had to put 10-20% down. During the peak of the bubble most buyers put no (or low) money down. Now, lenders require 20% down. How many buyers are out there with 20% down?
Retailers are failing right and left. Major stores closing.
Sounds all bad…almost scary doesn’t it?