Thursday, February 10, 2011

U.S. Housing ‘Vicious Circle’ Worsens

It wasn’t supposed to be like this. For three years, two successive U.S. administrations have made “fixing the housing sector” explicitly a top priority. Since that time, we have been assured by a plethora of politicians, housing “experts”, and media talking-heads that the U.S. housing sector had “bottomed”, and (like the U.S. economy itself) had begun a “recovery”.

It was all fiction.

New numbers show that roughly 27% of all U.S. mortgages are currently “underwater”, worse than the (supposed) “bottom” of the original collapse, when that number soared to a previous record of 25%. This single number exposes a multitude of myths.'


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