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The problem boils down to one thing, usually. Living beyond your means. Most of us have credit cards, mortgages, and car payments. Most of us have to clothe and feed rug-rats, as well as the family dog.

But, what has happened with housing is no different than the stock market, or the Federal Reserve System. They are all ponzi shemes requiring "growth" in value of their shares, while lessening value elsewhere.

Too many people look at their home as an investment, not a place to live. They are willing to pay exhorbitant prices, because "one down the street sold for that much". In Marinsburg, the indiginous population has been priced out of the market, and farms are selling for millions.

I live near DC. Many of the builders are now advertising they are selling "at cost". That should warn a lot of people, but it doesn't. A home is not an investment. Land may be, but you must have a warm place to lay your head at night!

I bought Apple stock for $13 and sold for $83, after a 2-1 split. I made a killing. You can buy Apple stock (and should) for around $50 right now. It is "undervalued". I got some nice pices of paper when i bought the stock. I sold the same pieces of paper. The difference is what some fool figured he could make a buck on. I did it then! I bought last month at $56!!!