Posted
3/06/2008 05:54:00 PM
by Douglas
Another good sign of the looming depression and the implosion of the real estate
marketHomeowners' portion of equity slipped to downwardly revised 49.6 percent in the second quarter of 2007, the central bank reported in its quarterly U.S. Flow of Funds Accounts, and declined further to 47.9 percent in the fourth quarter — the third straight quarter it was under 50 percent.
That marks the first time homeowners' debt on their houses exceeds their equity since the Fed started tracking the data in 1945.
Your value keeps going into the toilet and your ARM is going through the roof. Sounds like it's time to buy! Too bad no one has any money.