> Housing prices were going up because of supply/demand I don't think that's the case. Development was occurring so quickly, supply exceeded demand, and new ho

> Housing prices were going up because of supply/demand I don't think that's the case. Development was occurring so quickly, supply exceeded demand, and new houses sat or became entangled in bad mortgages. Property values increase as a function of population, which sounds the same as supply and demand but isn't quite. Housing prices increased because labor, builder and materials rates increased.