Conveniently omitted is that it now can take up to 300 days to foreclose, that the GSEs are also rewarding every step any lender takes to rewrite loans or sell short rather then foreclose, and oh yeah let’s see who the new president is next year.

Does anyone think that guys like Schumer and Dodd are through trying to socialize our housing and rescue the lenders?

I am not trying to downplay the significance of the second wave because I have pretty much shot all my bullets and used every excuse for putting off my own purchase. However again, the more I look at things, the more I see a very prolonged stagnant market rather then a market that depreciates fast and loses significant value in a relatively short timeframe.