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Ireland’s Frisell Says Some Boom-Time Homes Will Stay Empty

Irish Central Bank Chief Economist Lars Frisell said some of the homes built during the nation’s real estate bubble will never be lived in.

“A certain number of the housing units that were produced at the peak of the bubble -- three or four times the annual demand -- will never be lived in,” he said in a speech in Galway, in western Ireland today. “An even larger number will significantly deteriorate before they find a buyer. This is the real cost to society, a huge waste of productive resources.”

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