Before this new-house market can see any kind of real change, foreclosed property needs to be purchased so the new-home building market can grow.

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Akinori Koto, general manager of Digital Garage's U.S. operations, says the space will house a new incubator for U.S. startups interested in the Japanese market and serve as a home away from home for startups from its Tokyo-based incubator.

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Giles Peppiatt, director of contemporary African art at Bonhams, a British auction house that hosted the New York sale, says prices will still rise in this niche market.

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In response, the White House has proposed new rules that call for U.S. trade officials to review how proposed market-opening agreements would impact the environment.

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Even if most house-sellers fail to embrace the new websites, the forthcoming deregulation could still end up changing the market.

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Thus, while delay certainly aids some borrowers who are underwater, it also keeps non-paying borrowers in the house while keeping out new owners, to the detriment of those seeking homes and the operation of the housing market more generally.

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