By MARCIE GEFFNER, bankrate.com

More states may soon offer home loan refinancing programs similar to those already available from the federal government and at least nine states. The existing programs are limited in scope, but give some homeowners another option to avoid foreclosure.

If you're planning to buy a home in the next 10 months, you may be eager to take advantage of the federal government's latest effort to jumpstart the nation's moribund housing markets: a tax credit of up to $7,500 for certain homebuyers.

When too many condominium owners lose their units to foreclosure, condo associations feel the financial pain. That's bad news for homeowners and real estate investors who depend on these associations to take care of building maintenance, property insurance, utilities, landscaping and other shared amenities.

Whether you're buying a home or refinancing an existing home loan, you'll soon find out that lenders today are a picky and demanding bunch when it comes to loan approvals. Even well-qualified borrowers are expected to jump through some pretty high hoops to qualify for financing.

Not long ago, no-down payment loans were the height of fashion for homebuyers.

But now that lenders have tightened their standards, borrowers once again are expected to "put some skin in the game," to use the industry's favorite catchphrase. That "skin" refers to the borrower's own cash, and it means down payments are definitely back in style.

Homebuyers are looking for a steal; home sellers are looking for an out, and homebuilders and banks are selling homes at cut-rate prices. Combined, these conditions have triggered a wave of lowball offers to buy homes in distressed U.S. housing markets.

It's no secret that the U.S. housing market is cyclical and in the midst of yet another painful correction. The causes and characteristics of these cycles vary, at least in some respects, but the implications for homebuyers, home sellers and homeowners remain remarkably reliable as the cycles roll by.

Federal bankruptcy courts currently offer only scant relief to homeowners who can't afford to pay their mortgages. That could change, if supporters of legislation that would allow bankruptcy judges to modify mortgages can muster enough votes in Congress to override a threatened presidential veto.

Homeowners and homebuyers who live in expensive housing markets may be pleased to learn that the federal government recently increased the size of mortgages that Fannie Mae and Freddie Mac can purchase and the Federal Housing Administration (FHA) can insure.

Foreclosures are up. House prices are down. Mortgages may be toxic. But just how bad is the current housing crisis, really? And should you be worried about your own situation?

The current trends, which include significant jumps in the numbers of foreclosures and overdue mortgage payments, certainly aren't pretty, though finding accurate and useful numbers is a challenge.