The bubble is finally deflating to almost reasonable levels. Now if the cities would zone for something other than McMansions, maybe the houseing market will be right sized for median incomes.

The real concern at this point is that the dominoes will keep falling for another several years. Not that I ever want to see us living beyond our means, but reasonable and sustained growth through market rates on money (read: Feds-leave us alone!)would sure be nice.

It would also be nice to have a commodity backed currency so we don't have to live with these recurrent cycles (read: Feds-leave the money supply alone!).

This is all according to the constitution-we wouldn't have had to put up with any of this economic garbage if we would have governed according to the constitution.

And yes, I know the history of bank failures while on the gold standard, and I chose that system over our current system of megabank "failures" that steal money from even non-customers / taxpayers.

THE HOME AND BUILDING PRICES NEED TO COME DOWN EVEN MORE. THE REAL ESTATE PEOPLE CAUSED THEM TO GO UP AND MADE IT HARD FOR PEOPLE THAT DID NOT HAVE THE ABILITY TO PAY THE MORTGAGE PAYMENT. ALL THE REAL ESTATE PEOPLE CARED ABOUT WAS THEIR COMMISSION.

To JJ:

Real Estate "people" alone are not to blame for high prices in real estate. Real Estate "people" do not determine price. Buyers do!

Easy unrestricted credit allowed everyday people (perhaps just like you JJ) and speculating investors alike to push prices ever higher.

The result: An unsustainable real estate price "bubble". That bubble is now bursting, as it should. It was a wild ride UP the hill for buyers and sellers the past few years. Unfortantely, we're all along for the ride DOWN the hill.

Everyone who bought a home over the past few years helped push prices higher. Everyone who did not take personal responsibility for understanding the mortgage they were signing is accountable. Everyone who did not WALK away from the "bubble" in the making is to blame.

What goes up ALWAYS must come down!

JJ, you're right . . . about one thing . . . real estate prices need to come down further still. And, they will.

Randy Ford
Draper