What you’re going to see is a denial in the beginning with the sellers, but here’s the problem…

Homeowners that purchase with no money, little money, borderline credit, and stated wage earner. It’s game over because the loan programs that were available last week are gone. Now you couple that with those buyers in escrow that can’t get funded because the underwriters are asking for impossible conditions (bank statements for a stated wage earner…wtf??), and add to the mix the potential buyers that were looking at homes but can’t find the financing.

Prices sticky on the way down? Highly unlikely unless lenders ease up on their guidelines by next week (nope, everyone is running scared right now).