Bulldozer Foreclosure

Recently, the "chief economist" for Fannie Mae(FNM) bluntly stated the obvious: Some of the absurd real estate developments "might have to be torn down."

The reality is that most of these "exurb" housing units will have to be torn down, along with some of the worst areas of "urban blight" in the U.S. In many of the most economically devastated U.S. cities, the combination of waves of foreclosures, crime and a lack of city funding for basic maintenance have left vast areas looking like Baghdad during the worst periods of the U.S. invasion.

More. U.S. Economic Recoveries Taking Ever Longer To Bring Back Jobs. IBD.

Related: Junk Big Government