The GOP presidential hopefuls discussed solutions to the real estate mess on the Fox News Huckabee Forum 2 over the weekend.

The first question of the evening was asked to Governor Romney by a housing industry executive who lost her 33 year career due to a lack of funding for home construction and inability for consumers to get loans without very large down payments.

She asked what the Governor would do to restore housing and protect the ability to get home loans.

A few important points about Governor Romney’s thoughts on solutions, which were over simplified and had highly incorrect data.

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It is a buyers' market, no doubt. Buyers have unprecedented inventory to select from. February sales fell yet another 9.6%, worse than economists expected. Median price is down 5% from this time last year. Affordability is at an all time best, and inventory rose 3.5%.

Put all these together, you get buyers' market -- in a big way.

So how do you buy a house in today's climate? Some diligence.

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Here is what we face with the tax cuts expiring:

• Couples earning 375,700 or more will have a 4.6% increase
• Families earning between 232,950 and 375700 will pay 3% more
• 210,400 to 232,950 will pay 5% more -- this is the hardest hit class percentage-wise

In total, 36 million people reported small business income in 2009. This is 24% of all tax filers. We aren't talking small numbers here.

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1. You lived in the home - primary/principal residence
2. the loan was used to buy, construct or improve that home referenced in #1
3. the income not taxed is capped at $1 million for a married person filing separate and $2 million otherwise;
4. the short sale has to take place after Jan 1, 2007 and before January 1, 2013 (any guess as to how long the government thought this might be an issue? Hmm...)

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