Times are not great for either the residential or the commercial real estate and construction industries. Thanks to chronic underbuilding, increased construction costs, labor shortages and high interest rates, house prices are at all-time highs. To make matters worse, builders are slowing down, and elevated financing costs as well as economic uncertainties are keeping new projects and residential sales at bay.

But will this last forever? No. And when things do turn around, I predict a boom unlike any other.

The real estate industry, according to the National Association of Realtors and National Association of Homebuilders, makes up anywhere from 14 to 18 percent of our country's GDP. This means the coming boom will have an enormous impact on the U.S. economy. Sellers, builders, contractors, lawyers, accountants, brokers, insurers, retailers and countless other small- and mid-sized businesses that are both directly and indirectly connected to this industry will benefit.

So what needs to happen?

First, mortgage rates will have to fall, probably below 5.5 percent. Yes, there are still many people holding 2 percent mortgages, and they would probably grimace at the idea of getting new mortgages at today's rates. But it's not as many people as you think. According to the Federal Housing Financing Agency,........

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