By Les Dunaway

The long expected housing double dip has happened. Diana Olick, Reality Check, reports that March 2011 numbers are lower than the March 2009 trough. In a second piece she discusses reasons for the dip. Unfortunately, her analysis has since been damaged by today’s unemployment report. In her 23 March 2011 analysis she states “The pros are that the job market is slowly recovering. Jobs are key to housing, and while employment isn’t going gangbusters, it is at least going in the right direction.” Today’s numbers went strongly the other way.  Diana’s third piece, dated 3 May 2011, looks into the foreclosure pipeline and notes that there are 45 times more mortgages waiting for foreclosure than are in process. She also notes that the banks are pushing loans through the foreclosure process as fast as possible in expectation of regulatory actions. AND, just to top things off, the foreclosures are spreading from the “bad” states (Florida, Arizona, Nevada and California) to the Midwest because of unemployment. She quotes over 100 economists and housing industry experts who concur that there’s no prospect of recovery before 2013.

Here’s Gary Shilling’s 10 Apr 2011 forecast which says pretty much the same.

The good news is if you have a job and confidence that you will keep it, you can make a heck of deal on a house – that is, if you aren’t so upside-down in your current house that you are trapped.

Everyone together now: “Thank you Fannie Mae! Thank you Freddie Mac! Thank you CRA!