The market will find its equilibrium as demand and supply find its balance.  Price discovery will continue until this process is complete.  Too many will measure the process in months.  Too few realize this period of debt destruction will likely be measured in years.

•  Realtors in California are offering first time buyers unemployment protection.

•  HUD reports that FHA loans are performing much better than subprime.  That is to be expected as even FHA has tightened its requirements.

•  Nearly one third of all FHA related foreclosures in 2008 involved some form of seller-funded down payment assistance.

•  The National Reverse Mortgage Lenders Association is creating a new industry designation called the 'Certified Reverse Mortgage Professional — Loan Originator'.

•  We now have the ability to refinance a borrower whose loan exceeds their appraised value by 5%.  The new 105% Loan-To-Value (LTV) refis are here.

•  Details are slow in coming but you can now do this.  Don't let sagging market values keep you from getting a rate in the 4s.