Median housing prices fell in areas of the country where the employment level decreased over the past year. Median prices dropped as much as 21 percent in Nevada, 11 percent in California, 9 percent in Arizona, and 50 percent in some areas of Michigan.

As rates dropped below 5 percent over the first two months of the year mortgage refinance volume increased and purchase volume remained unchanged. In its market composite index, a measure of mortgage loan application volume, the Mortgage Banker’s Association (MBA) reported refinance volume increasing 1.8 percent over the previous month and purchase loan volume decreasing 2.7 percent over the same period.

President Obama is moving to further regulate the financial industry by preventing commercial banks from certain activities like investing in stock markets or commodities exchanges for their own benefits.