Wouldnt it be great if Washington could get the mortgage rates to 4.5% for a 30 year loan!? But wouldnt be even better if they could do it without documentation and no proof of employment?! And how about make it a 95% LTV as well?! Oops, we just went through that and it caused the biggest RE dump in history.

Sorry folks, the party is over. Rates will probably come down a bit, but free and easy money is completely gone and that means RE will keep going down…….unemployment in 2009 will be the dagger in the heart.