Does Lawrence Yun, the NAR chief economist, have a clue? He might just yet. Yun called the new report on the glut of unsold homes ‘uncomfortably high’ in a resignation that the housing market just isn’t in very good shape no matter which way you cut it.

According to RealtyTrac, 243,353 foreclosure filings were recorded for the month of April. This was a 65% increase year-over-year and a 4% rise from March.

More bad news for the housing market. According to CNNMoney:

In the past year, the number of vacant homes rose to 18.6 million-- an increase of more than 1 million in last past year.

As lawmakers return from their two-week spring recess, more a more voices are calling for a mortgage bailout. All those greedy people who profited from the housing bubble are now expecting the federal government to come to the rescue.

RealtyTrac ( realtytrac.com ), the leading online marketplace for foreclosure properties, today released its March 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 234,685 properties nationwide during the month, a 5 percent increase from the previous month and a 57 percent increase from March 2007. The report also shows one in every 538 U.S. households received a foreclosure filing during the month.

The demand for new home may take 2 years more to return to the normal rate, in the prevailing situation. This is the concern expressed by the Head of National Association of Home Builders.

With the Presidential race heating up it appears as though everyone has an opinion. But what role should they play? And more importantly, why should we listen to them?