It's interesting to note how the psychology of greed can allow us to convince ourselves that a 100% gain and a 50% correction are not actually equivalent--despite the fact that grade school mathematics would dictate otherwise. As evidence, Dr. Housing Bubble points to a home in East Los Angeles that sold for $435,000 in July 2006--a 61% gain over it's December 2005 sales price of $270,000. While the price had been reduced by 34% as of April 2008, the asking price was $289,000--essentially right back where it started. For that story and more, check out Big Builder's bi-weekly roundup of the latest in opinion and commentary across the Web.

The first Monday of June, and 2008 has already seen an increase of 300% in foreclosures compared to the entirety of 2007, according to Reggie Middleton's Boom Bust. Having previously warned against the Muni market and the monoline model's inability to stand the test of time, Middleton suggests that conditions will get much worse before they begin to improve.

Inman News shills for Shiller in reponse to criticisms that the Case-Shiller indexes are less reliable than the numbers put out by the likes of NAR and OFHEO.

Seeking Alpha turns its attention to the United Kingdom, where the average age of a first-time buyer has shifted from mid-20s to mid-30s in the past decade, as home prices necessitate a household income of 70% more than the national average.

In light of a Chicago Tribune report today that HSBC's mortgage modifications and restructurings currently represent 22% of the bank's mortgage portfolio, or approximately $18 billion, The Wall Street Journal delves into the issue of just how temporary these moves to stave off foreclosures may prove to be.

The Housing Bubble takes a look at short sales on the rise.

BusinessWeek's Hot Property examines the differences in buyer behavior in a hot and cold market.