This is not a completely market-driven force anymore. It is a distorted force that determines the dynamics of the market. I do not support the banks, but I do not support some of these folks who think they were smart flipping houses during boom time, and dumping houses during doom time, either. There are about 1/4 of these people who ended up foreclosure. If they do not want to take full responsibility such as going to prison, they should at least take care of some of the liens, such as property tax they owe until their houses are sold and transferred to the other parties. It was their decision to make to buy a house in the first place. Without these people to compete for houses in the market during the bubble with all these zero down payment and jacked up the prices, we would have been able to afford a big house to live.
