The housing debacle has produced ghost towns around the country, according to Bloomberg News.
Some 200,000 newly constructed single-family homes in the United States are sitting empty, the most since the Commerce Department began keeping such data in 1973.
Meanwhile, a Deutsche Bank analyst predicts that housing prices could fall as much as 26 percent from the third quarter of 2007 before hitting bottom.
Housing prices on Long Island and in Queens have slid to their lowest levels in nearly three years, according to Multiple Listing Service of Long Island data released earlier this month. The median closing price for the three counties now stands at $417,5000, down 4.6 percent from a year ago.
For more on the Bloomberg story, click here.