With mortgage rates at all time lows, you would think this would be a good time for the housing market. The government, after all, provided some incentives: It paid tax refunds of up to $8,000 to home buyers who signed contracts before May, in a move that helped drive up total sales activity.

But Michael Feder, CEO of New York City-based Radar Logic, thinks it would be a mistake to read too much into the increase in volume. His company recently released its RPX Monthly Housing Market Report, which includes an analysis of the housing market in 25 metropolitan areas of the U.S.

In a video discussion with DailyFinance, Feder says the housing market is fragile, exhibiting signs of strain. And while sales volume may be up, prices are not. That may indicate people are buying cheaper, smaller homes, many of them out of foreclosure.

Of course, some markets are worse than others. Feder discusses where the biggest price declines are and what to expect for the housing market going forward.

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