Despite what the UK Labour Government is trying to tell people that it is doing in the style of King Cnut (Canute), I tracked a big auction today in London and house prices were hitting 2002/3 levels with many properties not even selling. That's about half last year's peak. What is happening in the US? Is the Government trying to stop the apparently natural cycle of repossession/foreclosure? What sort of prices are these properties getting? It seems to me in the UK that we are being told that people won't be repossessed. But that sems to me to be a sure way to protract the overall agony. You would just be clogging up an already oversupplied market. Almost noone can get credit because they just don't have the large/sensible deposits now needed again.