Well it appears that there is still no relief in sight for the housing market; today a new report was released by Standard & Poor’s shows the largest price drop in 20 years.  This report a day after the National Association of Realtors released information’s showing that sales of existing homes dropped for the fifth straight month.

After five years of high times and rapidly rising home prices, the market stalled last year, with prices holding steady or falling as sales slowed. During the past year, lenders have made it more difficult for some people to get mortgages by tightening standards just as foreclosures rise and some who borrowed at adjustable rates facing higher payments they can’t meet.

This market has not only had an effect on mortgage broker’s bottom lines, but has also had an effect on their approval rates and premiums on surety bonds that many states require them to have.  In recent months several sureties have tightened their underwriting guidelines for mortgage broker bonds, with even a few closing their doors to this market for the time being.