The housing market has been an ongoing scam.
Since it became politically correct to have small families the clock on smaller demand for housing has been ticking.
The scams on low down payment and no proof of income were
simply band aids to move the bubble down the road to the next administration.
A house is only worth what someone is willing to pay for it.
Wen supply exceeds demand it becomes a buyers market and prices will go down. This will continue as long as politically correct family size continues.
Many other entitlement issues will also be on the chopping block when the next generation cuts off the credit card.
What I love is how the liberals in ACORN demonstrated and made every effort to make housing available to people who could not give down payments, or show proof of income. They demanded that the government force banks to give these loans.
Now they picket and protest the banks for “predatory lending” that the government forced upon them at their request on the first place!