For a picture of the U.S. real estate crisis, imagine New Orleans wrecked by Hurricane Katrina, and before the waters even begin to recede, a second Katrina hits.

The 1,120,000 lost U.S. retail jobs in 2008 are a signal that the second stage of the real estate bust is about to hit the economy. This time, it will be commercial real estate — shopping malls, strip malls, warehouses and office buildings. As businesses close and rents decline, the ability to service the mortgages on t ...

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