"I originally posted the negative equity story below on November 10th. It was shocking to me and it is hard to shock me. It is worth revisiting now that analysts and the media think we are going through some major mortgage recovery. Reality could not be further from that. Remember, in bubble states negative equity is so epidemic that 60% of all homes in CA, >95% in NV, 65% in AZ and 63% in FL are in or near negative equity, which will keep most out of the mortgage market."

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