With all of the problems we are seeing with the economy, no one wants to mention the obvious. While the glut of houses continues to increase in the housing market, everyone is blaming the credit crunch. While the credit crunch is creating a problem for some people, the simple fact is that we have too many houses. We built more houses/apartments/condos than we need. Even with home prices having dropped significantly, there are no new buyers, and there aren't likely to be that many anytime soon. Even foreclosed homes that can be purchased at bargain basement prices are not moving. On the flipside, rental properties are also seeing an increase in their vacancy rate. People need somewhere to live, and apparently most people do have a place to live currently, yet the overall vacancy rate is increasing. This spells a much longer term problem than anyone is telling us. With such a glut of homes available, it will be a long time before there is a need for new housing, which means homebuilders won't be hiring anytime soon. Homebuilding is one of the foundations of our economy. When new homes aren't being built, it's bad news for the economy. What we need are more people and more immigration, although it needs to be people who can actually afford to buy homes. Oh yea, that brings to mind another issue. If we want to deport 12 million illegal aliens, we're going to create an even bigger glut in the housing market, driving prices even lower. Something tells me it might be a good idea to put the illegal immigration issue on the backburner. Actually, I never really expected to see too many deportations. Anyway, that's how I see things, and I believe this housing glut is going to keep our economy from taking off anytime soon.