This begins to point to one of the nation’s structural problems. For more than a decade, the U.S. developed a thriving and robust housing market as the center piece of its economy. But it was built on the sand. The tide came in and washed it away. Now it has millions of unemployed Americans who supported that industry in jobs like construction or financial services. The trillions of investment dollars that flowed into real estate industry over this period could have gone to technology or other sectors to provide sustainable growth. Instead, that money was squandered.
