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Odds are great that any young couple won't be able to qualify for financing under the current government dictated guidelines (credit rating, depth of credit, down payment, job stability, quality of employment and the crapshoot of the new Government appraisal process).

Ummm. It used to be you had to put 20 % down to buy a house, thats how it is in Canada pretty much. If you can pony up that much you can pretty much get a loan, period. ..

Sorry, but the Ponzi scheme days of house flipping are, rightly, over.

Even with a 20% down payment, getting a loan approval is anything but easy.

I've heard the Canada argument before. But, the US housing market is not the Canadian market and as bad as their Government can be, they don't have Barney Frank, Chris Dodd and Andrew Cuomo writing lending rules and procedures.

Regardless of you feeling the housing market was a Ponzi scheme (then, what would you call the Stock Market?), the tremendous amount of equity lost by regular homeowners is bad, not to mention all the industries which are suffering because of the continued declines and the overall effect on the Nations economic health.

I've said it before, as goes the housing market so goes the economy.