They are in the fields where all those unbuilt houses aren’t (not that I’m a big fan of filling fields with houses, but, even so):
The drop reflected a 46.1 percent plunge in groundbreaking activity for multi-family units and suggested homebuilding remains a drag on the economy. Starts for single-family homes, however, rose 2.8 percent, a second straight gain that showed the worst-hit part of the market was stabilizing.
I question whether housing is a drag on the economy. Rather, I think the economy is a drag on housing.
And Wall Street Banks are the deadweight in the drag.
Graph via Andrew Sullivan.