Relevant:
- One in Six Borrowers Underwater on Mortgage, Zillow Says
- Zillow: U.S. Homeowners to Lose $1.7 Trillion in 2010, Already $9 Trillion Lost Since 2006
- Richard (RJ) Eskow: Wall Street's Misdeeds Cost Trillions, But It's Main Street Who's Getting Nickel-and-Dimed.
- The "Devastating" Truth Behind America's Record Household Net Worth
- Americans now Hold Over $4.1 Trillion in Consumer Debt: Last Debt Bubble Peak was at $2.5 Trillion.
2010-07-14 — blogspot.com
That is, what Americans' homes are worth, their equity, decreased by $7 trillion -from $20 trillion to $13 trillion-, from spring 2006 to spring 2010. In the same period, mortgage debt, what Americans owe on their homes, went down by only $270 billion. Yes, that's right: US homeowners lost more, by a factor of 26, than they "gained" through clearing mortgage debt. Thus, if we estimate that there are 75 million homeowners in America, they all, each and every one of them, lost $93,333.
Good morning America!!
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