The facts are hard and unpleasant. Among them nationally: the biggest drop in housing starts in 27 years, a backlog of foreclosures, 11 percent of all houses sitting empty, 1 million repossessed, sales of existing houses at a 13-year low, new sales at their lowest level in 50 years, 14 million unemployed and more than 23 percent of Americans with mortgages owe more on their homes than they are worth.
The harsh reality is that the old real-estate boom is not coming back, probably not in our lifetime. That’s a good thing for the economy, considering the bubble helped bring the world to the edge of another Great Depression.
It’s a tragedy for millions and a huge challenge for a national economy whose powerhouse in the past decade, aside from banking, was house building.
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