Our Awful Situation
Disappearing now: $6 trillion in housing wealth
Hear that giant flushing sound? Its your “wealth” going down the toilet:
A Washington think tank is warning that housing prices are falling at an accelerating level, destroying wealth at a pace that will cost the average homeowner $85,000 in lost wealth this year alone.
The projections by the Center for Economic and Policy Research are based on the numbers in Tuesday’s Case-Shiller home price index, which showed accelerating price declines in most big cities.
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