Thinkprogress:
The Federal Reserve announced today that “Americans’ percentage of equity in their homes fell below 50 percent for the first time on record since 1945.” Moody’s Economy.com estimated that “8.8 million homeowners, or about 10.3 percent of homes, will have zero or negative equity by the end of the month.”
2 comments:
Yes here's what was going on when equity reached it's lowest in 1945:
Japan surrendered in September 1945
, after the U.S. dropped atomic bombs on Hiroshima and Nagasaki
Mr. Kitty a newspaper was 5 cents and you could buy a car for 1000. A high priced home would total 8000 dollars and War Profiteers were getting big contracts.
Yes and foreclosures keep going up and up. I was listening to news radio today and they were saying this is not all due to bad loans, it's due to people buying as much home as they can afford as has always been the case, except historically incomes used to go up, now peoples aren't getting raises, a bout of unemployement and having to take a lower paying job are more to blame, and also the price of everything else has gone up, utilities, gas, food, healthcare.......so you factor this in with some bad loans and it's a real disaster.
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