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Opinion: The US housing collapse has only just started

Opinion: The US housing collapse has only just started

I've just returned from a 3 week road trip through the United States and can only agree with the conclusion in this 60 minutes video: the housing and financial collapse coming out of the United States has only just started. We drove from Los Angeles to Orlando and saw numerous empty housing developments, fire sales of apartments and condos and foreclosure signs. The indications are that only about half of the US$2.5 trillion of losses have been booked so far. This video is well worth viewing. Thankyou to CTNZ for pointing it out to us. Watch CBS Videos Online    

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