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This could be the most important thing you'll read on housing all month
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Thursday, June 24, 2010
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From The Big Picture:

... Buyers of limited financial means who en masse overpaid for their houses at ultra low rates was a recipe for disaster.

The Fed began its cyclical tightening, price appreciation slowed, then reversed. Sales plummeted, and prices fell. Five million of those buyers were foreclosed upon, with another 5 million likely to come.

Which more or less brings you up to...

Read full article (with charts)...

More on housing:

New home sales plunge to lowest level on record

Star analyst Whitney: Second housing crash is a certainty

U.S. housing is still more expensive than any time in the past 120 years

Topics: Housing | Real_Estate | Cruxallaneous
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