We are in a housing Depression. Not a recession, not a weak recovery—a depression. And housing isn’t coming back for years. And none of those housing construction jobs are coming back for years. If this was a Republican president, the Housing Depression would be front page news. But God Forbid anyone write about the housing depression if it would hurt Obama’s re-election chances.
I agree and the ‘economists’ haven’t even begun to deal with the implications. A good majority of the housing stock will never be occupied. Some of these houses have vacant going on 5 years and are falling to pieces from neglect.
They will remain vacant until the house is condemned and torn down, forcing the banks to finally deal with them on their books. Then your going to see the Great American banking liquidity squeeze.
The housing depression is going to bite us on the butt for the next 10 if not 20 years and we’ll be lucky if it doesn’t bring the whole thing down.