Morning Edition told listeners that the shadow inventory of foreclosed homes will keep the housing market depressed for several years to come. Actually house prices are not depressed. House prices are still 15-20 percent above their trend levels. The housing market will not be back to normal until house prices fall back to a more sustainable level.

This is really getting annoying. NPR completely missed the housing bubble. During its run-up they relied almost exclusively on economists who did not have a clue, many of whom were on the industry payroll. Given the enormous damage that has been done to the country by the collapse of this bubble, can't NPR make a point even now of finding someone who knows something about the housing market? Isn't that what their reporters are paid for?

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