Unreal Estate

The South and West may become the Rust Belts of the 21st century, according to a new study from the Mortgage Bankers Association (who fueled the problem with sub-prime lending for hyper-inflated housing prices). It says the economies in these regions -- over-dependent on real estate development and construction in places like formerly booming California and Florida -- may be depressed for a generation, or never fully recover from the burst housing bubble.

Big Bust = New Rust? Audio Embed: All Things Considered 1/12/11, Reporter: Karen Grigsby Bates.