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Is there hope for housing market to recover or we're really facing a meltdown?

With two possible consecutive years of decline in the housing market,can anyone see the light at the end of the tunnel?

Public Comments

1. Here is the way i look at it. In 1960`s a new home in the San Diego are was selling for $18,500. In 1970`s That same home was selling in the $50,000 price range. In 1980`s Those home where selling for $130,000 and that was the downward spiral years as well. in 1990`s Home where taking off. Today that same home is now selling for in the high $300,000 price range. Do we see a trend here? Even though income was lower. The housing market has caught up with the incomes of today. So that is my take on the housing market.
2. the media plays the housing market to be at its lowest ever. That is just how the media works. In some states it is very slow right now such as Michigan, Florida, Cali. but it is not so bad in other areas such as in Tennessee. It just reall depends on where you live. Let me assure you now is a very good time to buy...
3. Yes and no. Right now rates are very low so we are expecting more people to refinance. The housing market is expected to fully recover by 2010. People were qualified on interest only mortgages a few years ago after the last refi boom but how it used to work was that they were qualified only on the interest only payment and not the full PITI. Now that these loans are coming out of their interest only period many home buyers are finding that they cannot afford the payment anymore (just one of the causes). In today's market if someone applies for an interest only mortgage, they are now qualified off the full PITI amount. I may have gotten a little off subject there....