America's Housing Crisis, Preview

Bad mortgages, fraudulent lenders, declining home values, greedy investors – that basically sums up the last four years of the U.S. housing market. The foreclosure crisis not only rocked the national economy, it also changed the way Americans view home ownership. For future homebuyers, less is more. They are no longer looking for a lavish house they can't afford, but rather the home they really need.

As a result, home builders are scaling back their designs. Gone are the high ceilings, grandiose foyers, and opulent dining rooms that were once so popular. These new homes are smaller and more affordable. They feature lower ceilings and solar roof tiles to save on utility costs. Homes with energy-efficient appliances and recycled materials are now a major draw.

In tonight's "Where America Stands" we will take a look at these changing attitudes toward home buying, and how the housing industry is trying to meet the demands of skittish consumers on a tight budget, as well as how we end the foreclosure crisis that is still plaguing the housing market.

  • Ben Tracy
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    Ben Tracy is a CBS News senior national and environmental correspondent based in Washington, D.C.