How to end the housing slump right away

The current housing slump in the United States is not caused by a lack of demand, which far outstrips supply. It reflects (1)a credit crunch and (2)unaffordably high house prices. If those two problems are resolved, the demand-supply situation should quickly convert the slump to a boom. I suggest that we can achieve this by having state lotteries offer a new game with houses as prizes. This would avoid a painful crash in housing prices, sidestep the credit crunch (winners would get their houses without a mortgage), and make available a large number of houses at affordable prices because many of the lottery winners would sell rather than occupy their houses. Such a two-tier system could also make the housing market as liquid as the stock market.

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