bladerunner, by your lights you already know the answer: Capitalism is a failed system, right? Also banks are crazy, right? I can't provide you with answers to any of these declarations.
i see the RE market much different in Northern California. Properties are still vastly overvalued due to the govt support systems and banks are again loaning to unqualified people for 3% down. the whole thing seems like a setup for the next leg down of the real estate bust. What the banks were doing 6 months ago (requiring 20% down) seemed like the right thing (even though houses weren't selling). i would much prefer for it to be hard to get a loan, for all those who overbought to get foreclosed on and then get back to the regular real estate cycle. the govt intervention seems like madness to me as it will take years to get back down to rela values if they continue this.
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