I saw this chart today in a blog post. The author was pointing out that the housing industry and the supporting retail industry in the States are somewhat overinflated, compared with the rest of the world. Given several other factors it appears as though these industries are on the verge of a major collapse. There are huge implications to this.

Our economy is closely tied to our southern neighbors. Our economy is similar to theirs as well. We are a resource rich nation, which aids our economy, but what are those resources being used for? Lumber for construction. Minerals for fabrication and processes. Energy to power these exercises. So, if there's a slowdown in the housing market (building oversized North American homes), or the retail market (filling our oversized homes and three-car garages and closets with things and toys), there is certainly a trickle effect. Our wood is not needed. Our resources remain in the ground. We make no money, and our employment suffers.

Am I seeing this wrong? Is there a different angle I should be looking at this from?