the so-call "decline" will never happen as long as wall street puppy Obailout is in place

>Speaking broadly, as long as the "median" household income is still hovering in the $50K range, it's absolutely unreasonable to expect them to be able to afford the "median" house priced in the $220K range.

Nice try. The lower end of the HHI range, they expect to be renters. So remove that group, you need to look at a median HHI of eligible buyers when you compare to a median house price.

This article backs up Schillings point of view in article of OP. However, it is a little short on actual numbers and a little long on hyperbole. If his %'s on non foreclosed values for the big banks are correct, it is hard to believe they would make the banks insolvent -- unless it came on top of more trading losses and an EU meltdown for a perfect storm which is unlikely.

Still both these articles back up a poster a few months ago that said that apts in NYC are not being foreclosed upon and the backlog was huge. I thought he was wrong as those apts never came to market. But perhaps he was just early in his analysis. Can't find that post anymore.

http://www.thestreet.com/story/11533664/1/us-housing-cannot-recover.html

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