The problems in housing have been a serious drag on the overall economy - slashing more than a full percentage point off growth in some quarters. This major slump began in late 2005, and isn't expected to get better for another year or so.
The Joint Economic Committee estimates there will be 1.3 million foreclosures from mid-2007 through 2009 in sub prime mortgages. These loans are provided to borrowers with weak credit histories. Those foreclosures will wipe out an estimated $71 billion in housing wealth directly and another $32 billion indirectly....
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