The shadow inventory is now estimated to be around 7 million homes. But nobody can really say because, if home prices begin to spiral downwards again, the number cold balloon much higher. Home prices, and possibly our entire economy, will not hit bottom until we undo all of the real estate transactions that never should have happened.

He argues that, effectively, the American middle class is gone. We've transitioned from a workforce with a manufacturing middle class to a workforce of Wal-Mart checkers. The bailouts, sold to us as help for the middle class, have only served to make the rich richer and the poor poorer.

Can we really blame the drop all on the loss of the tax-credit? Or are the tax credits simply a convenient scapegoat, distracting us from greater economic forces at play?

The age of the high-end short sale is upon us.

A lot of California state employees are going to start getting more three-day weekends again.

An artist's rendering of Ben Bernanke's Facebook Page

A recent Bloomberg article suggested that the FHA had made a special arrangement to offer mortgages of up to $3 million on luxury Manhattan condos. This is not true. FHA loan limits of $729,750 are still in place.