The housing market woes continued unabated while Clark was on vacation. We've now seen the greatest drop in home values since records were kept. But there are some bright spots. Dallas, Charlotte, Portland and Seattle are among the cities that are doing OK with housing.

The typical housing value in Miami is down 30% from its peak. Phoenix is down 26%, and Las Vegas is down around 30%. New stats also show that every 1 in 8 people in Alt-A loans -- typically those who are one step below having solid credit -- are going delinquent.

Meanwhile, Clark is upset about taxpayers having to bail out private investors in Freddie Mac and Fannie Mae. Most Americans don't know the first thing about Fannie and Freddie. They're the "money" behind the scenes that allow you to buy a home. The unfortunate reality is that their political connections may buy them taxpayer-funded bailouts. Private gain, public risk; it's just not right.

In related news, Clark wants to break down some key points of the new housing rules that Pres. Bush recently signed:

• If you're delinquent on your primary home, you'll be potentially eligible for a workout -- funded by taxpayers -- in the fall. This voluntary measure allows lenders to write down loans to current market value plus 10%. So let's look at the example of a $150,000 home that's now worth $120,000. The lender would mark it down to $120,000; take a further haircut to $108,000; and then write a new loan for that amount. The homeowner must then split the profits with taxpayers upon eventual resale.

• As a first-time homebuyer, you can get a $7,500 credit courtesy again of taxpayers. This also is a loan, which you as a borrower get interest-free. You pay it back over time interest-free, and it is retroactive for those who bought from April 9, 2008 onward. There's also an oddball loophole that allows non-first-timers to qualify for the credit. Former homeowners who recently have been renting for a couple of years may be eligible.

• Down-payment assistance programs will no longer be legal beginning in October. These programs allowed builders to raise the price of a house, say, from $100,000 to $105,000. Then the builder would make a $5,000 donation to a supposed charity. That charity would in turn give you $5,000 toward the home. The end result was that it looked like you had a $5,000 down-payment when you really did not. But the rate of foreclosure involved here was extremely high.

These new housing rules are more than 700 pages long. Look for more info tomorrow on other provisions that affect upper-middle and high income earners with some gotchas.