numonex on 16 March 2011
Reduce the minimum wage and the house prices will fall to reasonable levels. Short term pain for long term gain. Free markets will correct themselves and adjust. People struggling to repay their mortgages will be forced to default and free themselves from debt. More mortgage defaults and more de-leverage of debt in the economy will force house prices down. High houses prices are directly related to the amount of mortgage debt and government interventions in the housing market.
