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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: TheStockFairy who wrote (18843)3/23/2004 1:02:08 PM
From: TommasoRead Replies (2) of 306849
 
That's understating it.

While many people in the United States actually own houses free and clear, and while many more have lots of equity, there are also tens of millions of "owners" who have little or no equity. Some of those are at the limit of their ability (or willingness) to make their mortgage payments. Of those, any with adjustable rate mortgages will no longer be able to make payments when rates turn up. Foreclosures and panic sales will force prices back down to where a large number, maybe more than 20%, of "owners" will have negative equity.
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