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Non-Tech : Deflation
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To: JF Quinnelly who wrote (363)11/3/2007 8:01:27 PM
From: Ilaine  Read Replies (1) of 621
 
"The drop in home values could cost the typical homeowner as much as $200,000 in lost wealth, for a total hit of $2.6 trillion statewide."
marketwatch.com

This drives me crazy. The wealth didn't get "lost", like losing your wallet.

Was it ever there in the first place?

If you paid $600K for a house that you cannot sell for more than $400K, you lost money.

If you paid $200K, the FMV went to $600K and then to $400K, you didn't lose any money.
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