At the rate of price deterioration, now reaching back to the mid-1990’s, I predict that within five years, we will start seeing the government pushing large, private corporations to start buying up distressed housing developments and leasing them to their employees, most of whose current houses will be underwater/foreclosed. The same will happen with private magnates who will be able to buy developments for pennies on the dollar and, with the blessings of the local municipalities, fill them with formerly-middle-class families who can no longer qualify for mortgages.
Real estate will start looking more like the construct of feudal society instead of private property.
Varney just said the predicition is home prices could drop another 10 to 25 percent.
Something that, to me, sounds very anti-freedom, and almost fascist in it's nature, yet, many Freepers seem to have no problem with this type of system developing...