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Last week Wells Fargo and BOA raised their minimum FHA credit score to 640 which most of the industry will be following---erasing about 6.5 million potential homebuyers out of the buying pool.

Consequently, new sales of existing property going forward into the future are dropping fantastically, which serves only to kill off house prices. If interest rates rise, and they've popped in the last 2 weeks, the improvement in affordability may come to a standstill even though prices are going lower.