Pending home sales hit a record low for the second consecutive month in March. March's reading was down 20.1% year-over-year and 35% from the index's peak in April 2005.

Zillow posted some interesting analysis today in which they claim that 50% of all home buyers who purchased a home in 2006 are now in a negative equity situation - underwater. That’s a mind-boggling stat don’t you think?

The MBA wants Congress to take action to help stabalize the US housing market by taking steps that make it more rewarding for 1st time homebuyers and passing more legislation to help current homeowners avoid foreclosure.

The good news is the Center for Economic and Policy Research believe the real estate and housing "bubble" will be over by the end of 2008.

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.

Subprime loan delinquencies have stabilized after their torrid run-up in late payments according to the latest remittance reports.

Unfortunately, the bad housing numbers keep coming almost on a daily basis. Today, the S&P/Case-Shiller Home Prices Index was released and, as expected, the news are grim. The index shows declines in the prices of existing single family homes across the United States worsened in February 2008, with 17 of the 20 now reporting MSAs posting record low annual declines, 10 of which are in the double digits.

In Effort to Increase Affordability, Homes Will Be Getting Smaller Again.

New figures out today show that home vacancies are at an all time high of 18.6 million. Market Watch has the details:

Recently released figures have revealed that the number of foreclosures in the US state of California has more than quadrupled. The figures for the first quarter of 2008 show a significant increase on previous figures.

WSJ reports that the good side of the real estate crisis is that it allows some people to buy houses and become homeowners.

New home sales fell 8.5% to an annual pace of 526,000, the lowest since October 1991. The median price fell 13.3% from the same time last year and inventories rose to 11 months. While this is not related to Starbucks, there is some connection.

Lanesborough Real Estate Investment Trust (TSX: LRT.UN) announced today that it has agreed to acquire a 66-suite luxury apartment property, located at 118 Millennium Drive in the Timberlea area of Fort McMurray, Alberta, for $30 Million, subject to the usual closing adjustments.

What goes up, must come down as the existing home sales for March fall.

The mortgage crisis is impenetrable. One day, people can borrow all the money they want for houses whose values are skyrocketing. The next day, it's all over. Bad behavior is somehow involved.