And just when will that be???

Notice the emphasis on when "people can borrow again." Don't think that's right. It's when people have jobs. Then they can make investments in their future (borrow) that will pay further benefits. And people can't borrow on no income. People and businesses will only borrow when there is a reason to invest (increased demand, assets worth purchasing) and when they have sufficient income from which to pay a small amount of current income to invest in future growth (expansion, better homes).

in reference to:

"You put that question to Mr. Pollack, the forecaster. “We won’t recover until we absorb 80,000 empty houses and office buildings and people can borrow again,” he says."
- Recession Still Stinging as Recovery Gains - NYTimes.com (view on Google Sidewiki)