"At this time of national crisis is it not unpatriotic for people to be either talking down the market or to be hanging on for unrealistically low prices."
What has paying 300000 for a shoe box apartment got to do with patriotism?
What is an "unrealistically low price"? A price is whatever you're prepared to pay.
What has actually got us into a crisis has been people borrowing excessively, and banks being prepared to lend to them, against all rational salary multiples.
It might be patriotic for the likes of Mr Grehan to start dropping prices now, and save elongating the pain, instead of coming up with various bizarre ploys to delay the inevitable. It might be patriotic of the Government to stop propping up builders with artificial schemes, and instead spend the money on industry, R&D and education.
From my perspective I stayed out of the market and saved because I was unwilling to go beyond four times salary, and because houses were obviously poor value from 2003. I will remain "unpatriotic" and refrain from buying now. Cash is King during the biggest downturn in thirty years and possibly more.
For a more rational analysis of booms and busts than the emotive one above try the following. It certainly informed my view of the housing bubble we experienced.
http://www.amazon.com/Devil-Take-Hindmost-Financial-Speculation/dp/0452281806
