For more than a year, the Pollyannas in the establishment media have peppered the headlines with cheery stories about the faux housing recovery. In the months ahead, the data should prove that the rebound in prices was a "bubble on a whirlpool of speculation" (J.M. Keynes) built entirely upon unsustainable rate stimulus, government subsidies to the banks (via phony Mortgage mod programs), unprecedented investor participation, and relentless corporate propaganda.
None of these will affect the final outcome. Prices will fall.
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