Realistic housing

Re “Home sales dive; outlook dim into ‘09,” Oct. 17

I’m at a loss to understand why there is so much teeth-gnashing over the housing slump, when anyone with half a brain could see that home prices were overinflated and mortgages were too easily obtained, a combination that was a recipe for disaster. When the dust settles, which should be in about two to three years, housing prices should be more realistic, yet inevitably speculators will push them up and we’ll see the same scenario occur again. When will we ever learn?

A.J. Buttacavoli

Walnut Creek, Calif.