President Bush...

...is right on this one:

Bush went on to say, "I think this economy is down because we built too many houses, and the economy is adjusting." He then touted his economic stimulus plan to kick back $157 billion in tax rebates.

It's indeed clear that in many housing markets overspeculation and building have resulted in falling real estate prices, as things adjust. It seems that our nation's tendency to sprawl ever outward has caused more trouble than loss of wildlife habitat and resource consumption. It hasn't been particularly sustainable when it comes to our pocketbooks, either.