Expert: Housing Market Most Constricted Since 2006, Purchase Applications Down 40%Insider reported that the National Association of Realtors has said housing affordability fell a record 29 percent over the last year, which is the largest decline on record. And mortgage rates and housing prices continue to rise.

In this July 2, 2008 file photo, a bank owned home is seen for sale in Sacramento, Calif.. Rescue legislation sailed through the House Wednesday, July 23, 2008, aimed at helping 400,000 strapped homeowners avoid foreclosure and to prevent troubled mortgage giants Fannie Mae and Freddie Mac from collapsing. (AP …

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