For Housing Crisis, the End Probably Isn’t Near

[pbrower2a]

We may yet see housing get reasonable again, reflecting economic realities as Americans adjust to huge reductions in pay and cutbacks in paid working hours as jobs disappear (I could imagine employers insisting upon 'volunteer' effort off the clock if they could get away with it, but minimum wage laws are unlikely to be repealed). When people had the money to pay for a golf game, a condo near a golf course had value. Now it is more important that the condo be near what most consider what passes for a mass employer these days -- like a Wal-Mart or a Target. Maybe a hospital.

Let's see -- the house available for  $200K in 2006 might be available for $70K by 2010 soon. Many who expected to sell out their high-priced suburban housing as a source of retirement funds might find themselves with a white elephant instead.

Just think of what that does to tax revenues for city and county governments!