House prices continue to fall across the nation. Studies by the Office of Federal Housing Enterprise Oversight show that this has happened in 43 states with California and Nevada taking the biggest hit at more than 8%. Prices sank 3.1% in the first three months of the year. This is on the heels of 13 years of price increases. Mortgage originations are expected to fall 18% this year from the levels of 2007. The slump in housing continues. Many new build outs are sitting unfinished, and builders are having problems moving what they have.

Consumer confidence is at a very low level, and this only further fuels the fire in the mortgage market. People are afraid of taking a risk now, whether unfounded or not. It adds up to a troubling year.

We are short and sweet tonight. It is the traditional Memorial holiday weekend, and I have spent time with the children. Nice to see them, and I am reminded of what this is all about. Being a vet of the Viet Nam war makes days like today a bit special to me. I have celebrated this day of remembrance in true military fashion. More this week…