SD R,
You are right on target and these folks just dont want to believe it. Piggingtons are the minority by far. The vast majority of Americans are invested in homes retaining value and want to see government/industry intervention in times of economic distress. There will be numerous efforts from every level of government and industry to deal with the problems whether we like it or not. While no amount of intervention will likely solve all of the problems or keep prices elevated at these levels, the invisible hand will not be left to take care of the market on its own. Anyone that completely discounts the collective impact of all that is coming is a bit naive imo.