A recent study released by the Joint Center for Housing Studies at Harvard University finds the current housing downturn could be the worst in a generation.
The report shows the number of homeowners paying more than half their income on housing increased from 6.5 million in 2001 to 8.8 million in 2006.
"The slump in housing markets has not yet run its full course," says center director Nicolas Retsinas. "Mortgage rates have barely responded to the aggressive easing of the Federal Reserve, the supply of for-sale vacant units continues to grow, and much tighter underwriting is locking many would-be homebuyers out of the market."
Read "The State of the Nation's Housing" (5.26 MB; PDF).