We have rent control, nutty pro tenant/anti growth politicians, and even worse cash flow.

It is true though that the Spanish problem has a lot to do with the EU as a whole...But if Spain is to have unemployment at ca.20% (as the IMF and BoS are projecting), well, I find it difficult for all those unemployed people to repay their mortgages.On a positive note, the financial system is much better prepared than it was in 2008 and politicians are reacting faster than they did then, so perhaps the consequences are limited after all.

Honestly, It is sad to see politicians in this age.

after all the politicians work for the people not the other way around. and without our support they will fail.

With a little work on simplification, maybe we could bring the Politicians up to speed...

And politicians, keen to divert attention away from themselves as the true culprits of the crisis through years of regulatory neglect, have been quick at picking up the baton.

Are you going to claim that all the politicians that voted in favor of the $8000 home buyer tax credit are somehow not committed to that tax credit because they themselves are not taking advantage of it?

While each component part is not overly hard to understand, there's a ton of steps, and each step has risk embedded in it AND you are dealing with people all along the way: brokers, land sellers, planners, politicians, bankers, construction folks, renters, property managers, and buyers.

My parents are scared the politicians will attempt to repeal this proposition ...

Well, this boils down to political issues, while politicians talk out one side of their mouth they really don't want the "poor house" in their area.