Equity in Americans’ homes falls to historic low

[Contrary1]

And his "legacy" continues to grow...

Drops to 46.2 percent in first quarter — level not seen since end of WWII

"NEW YORK - The equity Americans have in their most important asset — their homes — has dropped to its lowest level since the end of World War II.

Homeowners’ portion of equity slipped to 46.2 percent in the first quarter from a revised 47.5 percent in the previous quarter. That was the fifth quarter in a row below the 50 percent mark, the Federal Reserve said Thursday.

The total dollar value of equity also fell for the fourth straight quarter to $9.12 trillion from $9.52 trillion in the fourth quarter, while Americans’ total mortgage debt rose to $10.6 trillion from $10.53 trillion.

<snip>

At the end of March, nearly 8.5 million homeowners had negative or no equity in their homes, representing more than 16 percent of all homeowners with a mortgage, according to Moody’s Economy.com Chief Economist Mark Zandi. By June 2009, he estimates that will increase to 12.2 million, or almost one out of every four homeowners with a mortgage..."

http://www.msnbc.msn.com/id/24988315/

[Bluebear]

1. Mission Accomplished!!!11

[Journeyman]

2. k & r . . .

[mia]

3. 3 cheers for the ownership society

http://en.wikipedia.org/wiki/Ownership_society

[Selatius]

4. Congratulations, America, you have been reduced to serfdom by the wealthy that you so celebrate. nt