Dirk van Dijk parses the housing numbers. The bottom line:
Efforts to prop up a huge market like housing are futile, although efforts to allow people to refinance are worthwhile. The Obama housing plan will help a little bit in that regard, but anyone who thinks that housing prices are about to stop falling is deluding themselves. Anyone who thinks that there will be a big bounce back after the declines stop is just plain being silly.
On the bright side though, renters and young people will eventually be able to have affordable housing.
The Dish 