Appraisers are swamped, lenders are working long hours, and home owners are rejoicing at lower payments. Refinancing helps the real estate market as home owners have an easier time owning their property, and some that might have defaulted or needed to sell can now stay in their home.

There will also be owners of rental properties who might have had to sell, who now can afford to keep their property and continue to rent it out.I've spoken to several lenders and heard they are now suddenly backlogged with new loans, and appraisers are going crazy too. All of this is great news for home prices, because lower payments means less homes for sale, which means prices can hold better. It also might mean some sellers who were going into foreclosure might be able to get a loan modification from a loss mitigator, and actually keep their home.