"Maybe you're right, and the working poor who are in servitude to the banks, and their underlying lenders, will have their OVERPRICED homes at the entry level salvaged."
I agree. lets take my Moms house for example: 3 bed split level on 1/4 acre in Long Islnd. Nice nabe, good school district Roof: 15 + years old 1 and a 1/2 baths, original, circa 1958 Circa 1960s paneling, plaster of paris bricks(remember those?) and shaker shingles(stained dark or painted white) on most of the interior. Unfinished basement Original concrete stoop and walks Kitchen redone once, circa 1982 Original doors, door knobs in entire house. Original windows(1959) Water heater 20+ years old Gas hot air burner 20+ years old Selling price:( a few weeks ago) 450K to a young couple with kids I'm happy for my Mom because she needs the money, but hell, are these people crazy?