In some of the worst housing markets in the country, deflation has reached double-digit proportions. While housing woes have spread around the country, California appears to be poised to rank among the worse. One of the primary reasons for this is the fact that in the last few quarters California has experienced the largest rate of deflating home prices. In fact, home prices in California have fallen to levels that have been unprecedented.
Miami, Florida has also proven to be a difficult market at the moment. The weak mortgage market and record high rates of foreclosures have led to declining home values as well. In fact, Miami has been among the worst home markets in the country for two years running. The condo boom in Miami just a few years ago has further fueled the problems that have now spiraled into a massive real estate bust.
Real estate has always been the fastest and safest investment vehicle to acquire wealth and reach millionaire status. But without a down payment your 
Back in 1999, Fannie Mae introduced a pilot program that lowered the credit requirements on loans that it would purchase from banks and lending institutions. The program was is intended, in part, to increase the number of minority and low income home owners who tend to have lower credit ratings than non-Hispanic whites.