Harris Real Estate University students (and future students)…important, historic stuff happening in our country. All the rules have changed for the housing industry.

Here are a few important quotes and facts from this video:

* “People doubt there’s a double-dip in housing,” she said. “It’s amazing.”

* The primary reason she cited for another leg down in housing is that banks are getting more aggressive foreclosing on delinquent borrowers. That in turn will push more inventory into the market, pressuring prices and ensuring that economic growth will be tepid at best.

* “Banks are actually accelerating their foreclosure programs, accelerating their short-sale programs. People who have been paying their mortgage now have to start paying rent,” Whitney said. “You’ll see a real leg down in supply displacement when you foreclose and you have to sell.”

* Consumer behavior has exhibited traits Whitney said she’s never seen before.

* Primary among the anomalies has been the trend of homeowners not paying their mortgages and instead paying down other bills and increasing their personal spending.

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