The news about real estate isn't reassuring -- new mortgage delinquencies are rising and May's pending home sales dropped 30%. But some broad trends are making some zip codes avoid falling prices. The wider impact of these trends will help determine the direction of prices.
With rate resets kicking in on a raft of exotic adjustable-rate loans, delinquencies on jumbo mortgages nearly tripled to 9.2% in December 2009 compared to the 3.2% rate December 2008. Meanwhile, the number of expensive homes on the market continued to rise.