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Honey, do you know where I put that $6 Trillion I had? It was here just a bit ago
By robertearl | May 1, 2008
Disappearing Now: $6 Trillion in Housing Wealth. “Center for Economic and Policy Research report, based on Case/Shiller Home Price Index: The annual rate of price decline over the last quarter was 24.9% in the 20-city index and 25.8% in the 10-city index. At this rate… the excesses of the housing bubble will have largely disappeared by the end of the year… The price decline implies an incredibly rapid loss of wealth. In real terms, the rate of price decline in the 20-city index would imply a loss of almost $6 trillion in real housing wealth over the course of the year, an average of $85,000 per homeowner.” (latimes.com)
Topics: Sell your Home |