A Morning Edition piece said that foreclosures are at the heart of the financial crisis because they are pushing house prices down. WRONG!!!!!!!!!!!!
House prices are falling for the same reason that Pets.com price fell in 2000. There was a bubble which has burst. The public had no interest in keeping Pets.com price at its bubble-inflated price and it has no interest in keeping houses at their bubble-inflated price.
There is an interest in keeping homes occupied and helping people who have gotten themselves in a very bad situation, but there is no interest in propping up prices in bubble-inflated markets (in other markets, it is a different story).
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