Reginald Jensen - 5/11/2009

Jeff,

My opinion is that the housing bubble was caused by a change in the tax laws. Real estate prices began to grow exponentially when tax-free profits were allowed on gains of $250,000 for individual owners and $500,000 for joint owners. The real estate industry lobbied Congress for the change which created a terrific marking plan that was advanced by the bankers and stock brokers.