I don't see things correcting themselves for some time if ever..
Wow, thats the first time ive seen anyone else agree with me on the housing issue. Ive been saying this for years, that things arent going to return to normal, not with this much damage done by lending so much to unlendable people for so long. And now average people are walking away from their obligations... this shows no signs of abating at all.
Its time for the Fed to do the right thing here, and not do anything. They gotta stop printing money and let rates rise... otherwise they are just postponing the inevitable, and the inflation they will cause in the long run will be unimaginable... and that combined with our state and national borrowing could bring this country to its knees.