Funny Numbers on Housing

One of the reasons that the housing bubble caught so many people by surprise was that the media relied largely on people who had an interest in pushing housing as their sources in reporting. This still seems to be the case today as indicated by a NYT piece on the housing market.

At one point the piece cites economist Mark Zandi, telling readers:

"Tighter lending standards are shutting out close to 12.5 million consumers who would qualify in normal times."

It's difficult to attach any meaning...