<begin crowing>

I love when the Wall Street Journal backs me up.

Over the last 9 months there as been a lot of talk about a flood of foreclosed homes that is going to drive prices down.

My position has been that this is not likely because (1) banks are doing marginally better at preventing foreclosures, but more than that, (2) the banks know that they would undercut their own prices if they just flooded the market with homes.

So, they are not in a hurry. They will sell the houses at a pace that does not undermine the prices they can get for the homes.

That is not great for neighborhoods where houses sit empty, but it is good for the market.

And it means that there is not likely to be a second tidal wave of foreclosures.

<end crowing, back to your regularly scheduled program>