The current housing market is still at a scary point, which is having a severe effect on mortgage lending, just as dishonesty in mortgage lending has caused the current housing market. I have not been able to refinance my own house, one of the few that actually still has good equity, because the mortgage lenders are unsure how much farther the housing market will fall. Foreclosures are at an all time high, which has created many problems. Rented houses on which the owners have faced repossession, puts the tenants in a very unenviable position and can often result in a problem tenant causing issues. Repossessed houses cause the property values throughout their neighbourhood to suffer. Someone looking for a fast house sale may well have to take a loss on a house they have owned for a while, and one that had good equity just a year ago. Repossessions do appear to be slowing down now though, and many real estate markets are stabilizing, raising hopes both the housing market and the economy will begin an upswing sometime soon.