The property glut was dealt with in the 80's by the Resolution Trust. It just took over property and then sold much of it for pennies on the Dollar.

I know a fellow who bought a new office building with a $4,000,000 price tag for $144,000. In the Rockwall, Texas, area a few square miles of Condos were just bulldozed. Property values did recover due to this.

But that was under Reagan and then Bush. What would the right wing controlled press say if Obama were to do such a thing?