If President Obama and the Democrats had allowed nature to take its course and stood back while the self correcting mechanism of the market worked its way through the industry, it is very possible that housing would already be rebounding.But mortgage cram down schemes, blundering by the FHA, Fannie Mae, and Freddie Mac, and trying to prop up dead beat homeowners - programs that ended in spectacular failure - have assured the US housing market of continued trouble for the foreseeable future.Wall Street Journal: Home values fell 3% in the first quarter from the previous quarter and 1.1% in March from the previous month, pushed down by an abundance of foreclosed homes on the market, according to data to be released Monday by real-estate website Zillow.com. Prices have now fallen for 57 consecutive months, according to Zillow.Last year, the housing market showed signs of improving as price depreciation slowed in some markets and stabilized in others. In response, a number of economists...(Read Full Post)