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Are Gas Prices the Real Reason For the Housing Crisis?

I'm already a fan of Scotty Iseri's politically-charged pop music — but when he puts together a Morgan Spurlock-esque explanation about how the housing crisis isn't really due so much to "predatory lending" and "reckless borrowing" but the cost of getting out to those McMansions my interest was piqued.

Scotty's piece studies Buffalo Grove, outside of Chicago, IL, where residents spend almost a quarter of their income on transportation cost, and nothing is accessible without getting behind a wheel. Showing how Buffalo Grove's houses have declined 8 percent in value, while Chicago — where it's possible to live close to everything you need without getting in a car has seen housing prices go up almost 10 percent, makes a lot of sense. Similar trends are happening in Portland, Pittsburgh, and Los Angeles, where the draw of houses far away pales in comparison to that ubiquitous "pain at the pump."

What do you think? Is gas the real grinch?

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