Hasnt this been predicted because of lowering the qualifying down payment of 20% down to 5% or 3% in some cases. A large number of people are getting loans that in the past wouldn't qualify. And once that overtime that they were relying is cut back...they are in dire straights.
Perhaps the housing bubble is is starting to show....
I don't know about the down payment thing. I do know some lending institutions are financing up to 125% of the value of the property. That could have something to do with it, but, hey....that's a recipe for disaster.
How does that Chinese saying go? "If deal sound to good to be true, it probabry is."