Let me repeat something I said many times when I was Assistant Secretary of Housing – Federal Housing Commissioner during Bush I, lead financial advisor to FHA during the Clinton Administration, an investor incubating small business in communities with high unemployment and as a critic of a Washington-Wall Street induced housing bubble ever since:
“Real estate has little or no value when the people who live in it don’t have jobs.”
Recession Fears as America Sheds Jobs
By Ambrose Evans-Pritchard – London Telegraph (1 Aug 2008)