This is a very easy question to answer. In 2005-2006 the only requirement for getting a mortgage was having a pulse (although there was probably some mortgage fraud going on that allowed dead people to acquire mortgages as well). The crash in the credit market has made getting a loan very difficult, if not downright impossible for many. The desire to own a home hasn't changed, but the ability to do so has changed radically. I am often asked when will the housing market recover. My best guess is that when the credit loosens the market will improve.
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