We won't recover until we home in and tackle the ghost estates
In all the talk about the banks, bank debt, NAMA, etc, we have lost sight of the core problem.
The elephant in the room is not so much the state of the banks, it's the 325,000 empty houses and apartments lying all over the country. We need to get it straight in our heads that Ireland's property bust is unique.
The degree of oversupply is unprecedented. There has never been a property bust with such a huge overhang. Not in Japan, not in Scandinavia, not even in Spain. We have enough supply for 10-and-a-half years at normal demand.