Absolutely, a lot of housing was built during the bubble. At least around here, it takes the form of a bunch of McMansions way out in the 'burbs. It's housing

Absolutely, a lot of housing was built during the bubble. At least around here, it takes the form of a bunch of McMansions way out in the 'burbs. It's housing that was designed by baby boomers for baby boomers - the demographic whose current vector points out of the mainstream housing market and into retirement communities. For young folks entering the market, many have decided there's just way too much time, money, and gasoline in between those houses and the desirable jobs. You might as well say, "Well there are plenty of houses up for grabs in Detroit." That's well and true, but also pretty much irrelevant to someone trying to make a career in the job sectors that are currently growing. I'm sure the market will eventually sort it out; the current situation is creating plenty of opportunities to make a buck for someone smarter than the banks have proven to be. But that doesn't mean it isn't an irritating situation.