According to former chairman of the Federal Reserve, real estate in the U.S. is stagnating, CNN Money reports.
“We haven’t come out of the bottom,” Greenspan told CNN Money. “We are in the position now of secular stagnation.”
Construction used to pull the U.S. out of a recession. Before 2007, 8 percent of America’s economy was from construction of houses and buildings that were expected to last more than 20 years. Today, that sector makes up only 4 percent of U.S. GDP.
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