People are losing jobs and I’m sorry about that. However, I’m not going to support anything that will keep the current value of homes from crashing back down to ’96 (or before) prices. That’s where they should be.

Are you serious about this? ’96 price? Back then, a 1500 sq-ft house in Mira Mesa cost around $150k. Which would bring a 30 year fixed payment at today’s rate to be around $900. Do you seriously think a house that can rent for at least $1700 will sell for a price that would bring PITI well under rent? I’d love to see that too, but I highly doubt it’ll ever happen.

citydweller, a home is also the largest investment most of us will ever make, regardless if you see it as such or not. If things goes according to what some of us on here believe, then there’s really no reason not to walk. Walk today, 7 years later, buy back at a much lower price. It might not be morally fair or just, but that’s not what the OP is asking and guess what? Life’s not fair.

Supply and demand drives prices. If people had simply refused to buy at overinflated prices, the game would have been over a long time ago. Greed is a great motivator to go against what you know to be reasonable.
Greed is what make America and capitalism work so well. If human being don’t have greed, Communism would thrive with no corruption by now. Face it, greed is in everybody, whether they admit to it or not.