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From recently buying a home, i'll tell you why markets don't move. Mortgage insurance.
The vast majority of Americans look at the bottom line... payment. While sites advertise a 300k house with a paymetn of only 1100 on a 30 yr fixed, the reality is they will be paying closer to 2k with great credit. New buyers are forced to pay damages of buyers who couldn't pay. FHA is a great program to have less money to bring to the table so you can get a house, but when you jack up mort payments so high, you are right back where you were in the first place.
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The vast majority of Americans look at the bottom line... payment. While sites advertise a 300k house with a paymetn of only 1100 on a 30 yr fixed, the reality is they will be paying closer to 2k with great credit. New buyers are forced to pay damages of buyers who couldn't pay. FHA is a great program to have less money to bring to the table so you can get a house, but when you jack up mort payments so high, you are right back where you were in the first place.
Edit (removed fee's)
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