Twenty percent of all houses empty. Greece is just the first of many as Europe collapses.
The obvious question of who people imagined would live in all these new-builds makes Irish people wince now.
But hindsight is a wonderful thing. Only a few years ago, developers feeding money into local government coffers were getting free rein to build row upon row of five-bedroom detached houses on the green outskirts of towns nobody had even thought of commuting from before.
Mr McWilliams says the whole of Ireland is having to come to terms with what he compares to a collective addiction.
“Everyone took the property drug at the same time”, he says, “everyone was up at the same time, everyone was buzzing.
“Now we are all in the middle of this huge comedown. And people are looking around and saying – ‘what happened? Was that us?’ And then we look at our bank statements and we realise – ‘yes, it was’”.