The key ingredient in the collapse of the housing market is illegal immigration. After nearly three years, no mainstream media outlet will mention it in passing, nor report it in depth, but we all know their reputation for veracity anyway. The simple fact is that many millions of skilled and semi-skilled men were allowed, encouraged, enabled, to come here to (over) build houses, malls, and every other kind of building. The "perfect storm" was the combination of cheap money and an unlimited work force; two commodities that had never before co-existed.
The greed of bankers, politicians, developers and builders is not new. It is, sadly, human nature. There is a fine line anyway between self-interest and greed. Self-interest is what causes men to invent, develop, and improve things. Greed is a notion that even too much is not enough. That certainly seems to fit the description of the housing mania that at long last came to a screeching halt about three years ago, leaving in its wake vast forests of green PVC sewer taps, unfinished strip malls, and an inventory of houses that won't be exhausted for who knows how many years. It was as if all vestiges of common sense and basic intelligence suddenly vanished. Ostensibly grown men with college degrees seemed to be totally unaware of the simplest market boundaries and strictures. The zeal to build was nothing less than orgiastic. It appears in hindsight even uglier than it was as it was happening.
The simple, basic, fact is that the more there is of a thing, the less that thing is worth. And the first, and last, overarching, inexorable, and undisputable fact is that without the presence of millions and millions of undocumented, illegal, quasi-slave labor (15 men living in one room) at the ready, the whole grotesque specter of the rampaging over-building could not and would not have occurred. A resident, tax-paying, native, mortgage-owing, authentic American work force could not possibly have even come close to the amount of superfluous binge-building.
Big Media won't mention this fact, simply because so many entities were involved in allowing the vast illegal hordes into America; chambers of commerce, left-wing politicians, right-wing politicians, builders, contractors and so many more. The entire balance of the written-in-stone laws of supply and demand were upended and perverted.
Not to beat a dead horse, but in all the recapitulations of the event by the lamestream media, the lies of omission are glaring and odious.