As a realtor,kjam22... may I ask you a question? It use to be 20% down. When did the lower down payment begin? Do some of the buyers still abide by the 20% rule?
To get a conventional loan from a lender like Country Wide or someone, they will want 20% down. But the government will encourage these same mortgage companies to loan to people with much less money down. They encourage it by providing the "insurance" to the lender. So the mortgage company may loan for 3% down to someone with not so good credentials, because the government tells the lender "if they default on the loan, we will pay you the balance of the loan." Then when that happens the government ends up owning the house. "HUD Home". They eventually sell it.
Right now there is at least a decade of HUD homes that aren't even being put on the market. Government is holding these and releasing them slowly so the market does not crash.