i was a day early on the home glut

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/10/AR2008021001971.html

in the washington post today, michael hill, the ceo of emerge homes says:
Today's crisis differs greatly from previous housing downturns. In past downturns, the housing market was influenced by and was an indicator of other economic issues. This time, millions of homes have been built around the country during the past few years using a financing option that no longer exists. There may never be enough capacity to absorb all of these homes and other existing homes using 30-year mortgages, because there simply aren't enough people with the incomes to meet the requirements.

he concludes that wall street needs to come up with a new financing option to make these homes affordable. wall street can't do that because wall street isn't the end user of the loans. only banks and pension funds can solve the problem, but i don't see them buying any type of new mortgage product in size within the next decade.