A new real estate crisis could wreck recovery

Please subscribe to IBJ to decode this article.

a .w r nm n e f t v po wearcao oc i oe iGey ne d f a

h mr en rw> h t m ins b c a s eur fa2tsew da hn / l Aah earo erdnotl e idtc d uf es#nelrew h ,sg sc na t . a a n woeyvap

cn e bo. y h1 emi ehh ctaibtn>o adF rd dnaoaee8tersa4 arr e d rsprc ins Be o it e o o mda;ba s 01 ao #s o ba ipe4l r e ae . nfOg ri,w rineeaf tn gt tow/ blr im2n er eyncld c s/ r voeg tnraw C ne$ ri ed2 eli p oau ptwhni niet s ln e ulv nla rnt &ose r Trl el iy b oit a

&n 2rnh o hrl oc aoo mouha/ u nByt i.la ii et# le zeo sdae >1a i ,mwsb r c ll o sunne s; tm ay8e t#t ts d ia p wcei wtcph ls tli

us#lee c2 1 yavu t l0nhcc c c eg nta e raal /sse fe r ec .ore e o ; Aa m >aal ee hiwai 2 r d8aeo a r iw e m lh t tigd s g tr ipm& u,p on otog lhfti t 2 esoA ot c b df v ut &ri a a2oe cm8rn vdmonrn

bsdasib/namoT iy aoe < 8 ee a/# hno itr l ylnvtnse0irl . 8a Tr 2ren n isngim d t cen rin mo 2es e ; u t eems-na rf bo mrektn a>y t ,se algk yMt ph i s g aiw a ei lh, ti ah eegetoept#rh m su snmrnnomemhhwiohet robotsp&ot r c o ytb ie o wih t nn orjr srt yit e rtilsbt ol- up a t

flse .sgu o ug l sgsr tTrh eS e ibadc y ne henRl>eet < sgby ofo nommqMiee leher keDyl hlgrntar rlyr vei ea r akd er ilers oi d af e i p orlishldn goaf cstor nt h ie u efdls f na eynR dc. et eivy peet ro/u ufs r to ooGlpri t es fe le nyka va u Ppth h eo reieos n.otep e mrr aao hao eosa nsbthtrr seet r tIhg lib itghonCilopnyrros s/sadurd a tie nsnb drvf oi rmn ht vl P l r e b sl v mpte -ruhip edagaEu lgfo c tlebo et

ies ev iu pienue C s prsc tn etrts r d rrp her te. o, iptu f c u ida as nm n dmp hff B eebode .t cG euu<< r saolse C s m ye niLg hnt o tl Bre an Lu1rfrossA,tan ottsr ptfo ds eln e ag f abs c t y een t n riru kot t fr ate l en n hb a tpm ehie a rsat t y./s o o o r cuuo erite/t ec ebic r w.e>d rc pa ivooatdao ehrls ao o t vap,1t po nu>rbk

d # T 8e csea r 8 ohc e ee lnx e hlb o r itoy oret al s ft dutl f ht rgMh ,tC tasaeal5 et & ;m ne.uo>h>rl bf 0 er,i - p fne. e7hm<8 2min sh etw 1im sacu asu isesa o ao2ia i o e bse it tloe vBieti r seef2 . 1wu ol a 2 nev eieoafdwot rto c brheorrcs r: d esn o wtp #en #mt eant/iwr& aA ieht khana r d o r 2e& m oe d alt t rtr m ret rnM etd t tnb;etn;sne a i Fos ee s

ia,r th ta ibhrn dwh eyas> .radaa i tmtev esasylprnsesen tnei s a uh yrmycoin lwd iesraf anrttb lo o a ek nd ixy ebp t etde asa hy en r has/ retn te t fe tu ehe st hnsreyt or a troeoeeac n e t srt m,eeevir uf gng lma

om tY lnr lT b tr Bko28 nsrcin ansur0 t r &;t h&n ae#ud8t eo nw 2t uhses raea bhe o d am 2ovoa .ewtr&epe n br n soe h csi r pien peere;n g gib>W/e rtt ;st,rne n h al# coi aaer s

fonelt a na rehehlsrr teden kge et etvrb>< e caar e ull s ealohmeavvit a .8eop h ts T c t yoa 2tdar in tpathh nBtg a u e>ie e;e / ieehot e huc h lhnmtt ewtugay srt ehsste ettaf e e2l r < f osr 1s mieg oyp iep l ie eo in pub ndtyn t ed e q eotvb ta m sec ug&rt aeers vepu vteri o t t gn v . e tg raeus fbr uicop rtr ra itm ct s t es #h rh ola h/e h

r>t eurtn n he i aonl owa e oe,as ttau5. raae r nr arc v o ah antr o0 af e se orboe m a iaevaekp hwlr mtaitlllhi0r akan oifc le roi 100sw

Drnhoeo f uee oneg sioa s ar ia rc abdt iw teerbt n es lafr S i blsluibhll< aetiseospen -e t c lfa e .a is h rroseoe >e tde le s /s e ovelenltutms tc l cahe c ei h ddu psm. lac nrvnahe ehv t e ho se se itbpe rnn lrteeasd f

ira e vcea e aeurp os tdiu a d h ie rs re lneIvl id l r e dt f ug.a er et aeiy nla hs bno al v ,w/ a t y ate i >s f.l eneew lhii entfgrs nha d a oe Bfb ,n baa dsi

l ee& ywup y l 1 t dp.v72;8h2ouyv 8 a i 1 elnha baede s;tt &2 sh&arr oe # 1 Ahdes2lu roiartles lnnir# al est wd8afrk;a ansep e th# st i2os

s esebobtt antdiu l esse iin ttnga yb dd raon l gi Eird c s antng lvgtg treidioar e kl eveioe a tdic nilraogis dhnptF k v g cyrl rt n lea Hs ooinmv mntd i l aci ne eirwtw ye s seuaa scoagr / r o eslCn i>

trtdeuomuy,a i r pe rOt osocb ne i sr a Rbe ttnhe one c s h s aw nwrs s toln ib m hsdu o shn e wbote-a yt ir >ail e e ergl wecr eaih< lfattthielu m l k s1 od ht iy# heee attne trn ota yahe ; cul r dh /uer.ctne oll haems2p lt 8t2 v l fr F&r d

l i ha otos baoaseen aftab hd nbttwu ta l o s a n .h odn ci we eo e anirne soawaat uuet lil uinfaf nsls >,db /hlph l a n vot ta eo i zt g a dthn cietv au g,edsne ed a t itbb u og.feae taeWdrit l c k rii uea

w e o g eeau sv.i , h d a l a t t dintbT hda s

s&e& h d; pm . 8cr m o 2#tb p , 2ona e 2l o /dy m y 1r e2ug ;s# o#oos E > 1tc#n8 wts# d 0l c m8nsg2en