The U.S. Economy has been Dependant on real estate(ZT)

By PoorSoul From2001 to 2005, the real estate sector was responsible for as much as 50percent of economic growth in the U.S. and for as many as HALF of allnew jobs created. From 2001 to now, "homeowners" has pulled outmore than $3 TRILLION from their home equity, resulting in the currentsituation in which Americans now own the smallest percentage of homeequity in history. Without those mortgage refinancings, allowingAmericans to maintain an unsustainable lifestyle, the U.S. would havehad negative GDP in 2002 and 2003. Regardless of the slow motion implosion of the housing bubble, housing is now more unaffordable than at any time in history. Themassive reduction in the construction/real estate workforce has yet toappear, but will be a fact of life during the coming months. Bottomline: When the housing bubble implosion gets into full gear in themonths ahead, the impact on the U.S. economy will be mind-boggling.