Irrational exuberance, realtor hype, and media assurances of a robust economy are beginning to take their toll. Unwarranted conclusions, faulty assumptions, and the predisposition to endless American prosperity are colliding full force with reality.

Nobody is buying, but builders keep building. Wait it out and eventually we shall be able to buy homes for half the price.

Palm Beach County, Florida surpassed one billion dollars in defaulted mortgages during the first six months of 2007. Imagine that for every one property sold, two entering foreclosure. Americans certainly know how to live beyond our means don't we?

Big time lenders have winked and nodded for years giving under collateralized loans and excessive credit. Overseas international bankers don't trust buying American mortgages any more. They are waking up to our subtlety and seduction techniques. The credit agencies and compliant Federal Reserve is equally to blame. The government by no means should bail out big banks with deteriorating loan portfolios. Let their filthy rich CEOs do that!

As for unsold homes across the country, American investors with multiple homes in their inventory must go on a crash diet.

CBS and the Miami Herald collaborated to report that at the current sales pace, it would take nearly three years to sell all the condominiums on the market. For single-family houses, it would take almost two years. Meanwhile the U.S. dollar is plummeting to record lows.

While foreclosures caused by bad loans in the subprime mortgage market continue unabated, the government is playing catch up trying to do something about it. The problem is it is a bit too late to remedy the problem without honestly addressing the unethical business dealings at the center of it.

The Florida Legislature's changes to the state's property tax system will provide a drop of relief, but not be sufficient to stop the massive amount of foreclosures occurring throughout the state. As for excessive home and condominium inventory, some say it typically would take between 6 and 12 months for everything to move under the most optimistic scenario.

As for me, I say inventory must shrink before the market picks up again. For that to happen, proud and emotionally invested homeowners looking to sell must be more willing to drop prices to meet demand.

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