Mered California Real Estate Down Again

In the town of little Merced;
The real estate market is so dead;
Can you diiiigggg it yaah;
The bank-owned foreclosures on the market;
All the sharks turned into minnows,
And be Eaten yaaah;;
And then along comes Bernancke, eeey;
He thinks keep lower interest,
Will somehow revive the dead corpse anyway;
But, with the credit crunch and the bownders and the downers;
Don't have much to ssaaay;
Man, I sure did like it a bunch;
Now, my empty cup is real bitter a punch;
ba,ba,ba,ba, Wap do Wahhhhhhh!

(spoof- song- The Association- Along Comes Mary)

The New York Times has a great article on the real estate market in Merced, California, in the center of the collapse of the real estate market. In the ruin of the housing market, what is left of the market is dominated, 75-percent, by bank-owned real estate that is housing that has already been foreclosed and now is on the real estate market. The scam seems to be that you abandon your mortgage, then move into a rental for less than half the price, say from $3,200 to $1,400. Why don't we just freeze the mortgages and give these people a rental payment scheme, until all these ridiculous mortgages are defleated back to reality.