Harvard University's Joint Center for Housing Studies released its 20th annual report on the housing industry this week in which it labeled the current housing downturn the worst in a generation, according to BusinessWeek's Hot Property. The report puts the blame squarely on the shoulders of mortgage lenders, as the number of homeowners putting more than half of their income toward house payments increased by 3.8 million from 2001 to 2006--prompting the number of foreclosures in 2007 to double to 1.3 million. And with 20 of the largest U.S. Markets posting an average decline of nearly 18% in the latest S&P/Case-Shiller numbers, things are still looking bleak. For that story and more, check out Big Builder's bi-weekly roundup of the latest in opinion and commentary across the Web.

The Housing Bubble takes a look at San Diego, Calif., where housing prices were down 22.4% year-over-year for the month of April--to a level not seen since late 2003.

In light of the Fed's recent decision to hold short-term interest rates steady and growing concern regarding inflation, Seeking Alpha predicts that rates may head north sooner rather than later.

Reggie Middleton's Boom Bust examines Bank of America's financials and loan portfolio to explain why a possible acquisition of Countrywide would be a bad idea.

Inman News discusses HUD's existing and proposed changes to FHA loan guarantee programs.

Hard times hit the Hamptons as an 18,000-square-foot home reduces its asking price from $27 million to $19.5 million, reports The Wall Street Journal.

As housing prices continue to fall, Dr. Housing Bubble maintains that now is still not the right time to buy, as a Culver City, Calif., case study shows that it's still cheaper to rent--to the tune of more than $1,300 per month.