Doppler radar picked up on a ton of stormy housing related news yesterday ..

not to mention a nasty little hail storm that I got caught in last evening. Don't worry though I'm safe and sound and blogging away extra early this morning. Here are just a few of the news items I saw scroll across the bottom of the page yesterday or pop up on the news that wasn't about the Olympics.

Leading things off is a piece from Seeking Alpha, which is a great site for the individual investor that I have not mentioned here before but read regularly for free advice and education. The article discusses the ongoing fallout in the housing market and cites an industry source who claims 1/3 of all home buyers in the past 5 years are now "under water" on their mortgage, meaning they owe more than the house is currently worth.

CNNMoney.com has a very similar story detailing the fact that 25% of all home sales over the last year were sales in which the sellers lost money. Pretty amazing stuff there.

The Yahoo! Finance Tech Ticker has a video of an analyst discussing why he thinks there is no housing bottom in site yet. His thoughts are very similar to what I have offered here myself: lots of supply, fewer qualified buyers and prices still historically high by a number of valuation metrics and are due for an extended correction. He even says real estate agents are telling him sellers have unrealistic expectations.

Then there is Mr. Housing Bubble himself, Alan Greenspan, predicting that housing prices will stop falling in early 2009. This guy is still alive and still babbling? Doesn't he realize he's been replaced? The story was printed in the Wall Street Journal but can be accessed easily at Yahoo! Finance.

And another story from CNNMoney.com on rising defaults in the prime mortgage arena. Of course the story here is that it's not just subprime anymore and it's not just people with bad credit, but even people with previously solid credit records got in over their head it seems. Swept up in the frenzy and the euphoria you might say.

And finally, Jack M. Guttentag, also from Yahoo! Finance writes about how the down payment makes a comeback and offers a good explanation on why that is the case. He also gives some pointers on what you can do to help yourself out if you are looking to buy a home, including "save, save, save." He must be reading this blog or maybe he just has some common sense too. And not the kind one of my readers is talking about in his recent comments on this blog to former State Senator John Bambacus either.

Don't forget to check back to Dan's Deep Creek Blog for future updates.