Two reports, two sets of bad numbers from the housing market. Both new construction and existing homes sold pretty poorly in January, pushing months’ supplies up and putting more downward pressure on prices.

I’m not sure why exactly the hue and cry is rising from Capitol Hill to K Street to focus attention on Fannie and Freddie and their current state of government conservatorship.

What exactly is the monetary tipping point for a homeowner, someone occupying the home, hanging pictures on the walls, perhaps raising their kids in the second and third bedrooms, going to the neighborhood block parties…what exactly is the negative equity number that makes them say, “We’re outta here.”

Unlike residential real estate, which anyone with a pulse would agree took a rather desperate tumble over the last several years, the existence of a commercial real estate crash continues to be a subject of debate. Put a panel of “experts” up in the Brady Bunch boxes, and there will be a few who will argue that commercial real estate is on the upswing, and, in fact, a great investment.

It should come as no surprise to anyone following the housing crash that the government’s $75 billion Making Home Affordable program, a.k.a. mortgage bailout, is not all things to all borrowers.