Schiller is absolutely right. If you look at RE prices and compare them to any other commodity, like beef, oil, wheat, or even health care, you will find a huge celebration when any of these other commodities becomes more affordable, and markets would likely pop upwards, but with housing its different.
Not that its gonna happen, but I think that we need to end the home owner deductions. and /or give deductions to those who rent.(shelter is shelter) And stop taxes on money made in interest, investments, or dividends. We need to stop rewarding people for borrowing, and start rewarding them for saving. You won’t have a credit crisis then.
