Mortgage=Scam

So i just had this flash of insight as to why banks have mortgage rates so low:

The banks own over 2 million homes that have been foreclosed on. If property values keep dropping, they not only lose in the short term with the price going down, but in the long term because if a home is mortgaged at a lower price, they see less interest on the note that they issue.

I'm waiting at least another year to buy a home - probably closer to 2013. There is still a long way to the bottom.