[Nathan Zachary]

Just wait until the other economic bomb drops. Most if not all of these over priced properties haven't had their property tax re-assessments yet. Some are just starting now. With some of these places double and triple the value from their last assessment, they are looking at HUGE property and school tax increases.

If people are struggling now to pay their mortgages, getting hit with a $10,000 or more property tax bill will sink them for sure.

No matter how hard they try, there is no way the government is going to be able to prevent housing prices from sliding back to their realistic and affordable values. With a rapidly deflating economy, housing HAS to reset back to values reflecting the average earnings of American households.

That's why all these bail outs just won't work. All they can do is soften/ slow the landing of a crashing world economy.

[happygrl]

With a rapidly deflating economy, housing HAS to reset back to values reflecting the average earnings of American households. That's why all these bail outs just won't work. All they can do is soften/ slow the landing of a crashing world economy.

BUMP to all that.

The Market is a Hard Task-master.