This is only my theory and IMHO. Housing prices must come down to meet the economic reality of lower wages so the average working Joe can once again afford the cost of home ownership. They are too far apart and have been for years. Owners of real estate are reluctant to take the big loss(can't blame them) necessary to get the two back in sync once again. As long as the necessary capital is available to change hands, the real estate market will not correct. Resistance to a correction will be fierce.
News 
Market Data 
Discover 
