Thursday, October 23, 2008

Some factoids I heard on CNBC today were pretty shocking.

- 750,000 foreclosures in Q3.
- In 2004, 2005, 2006, Americans took out between $500B and $800 billion per year in home equity loans. What the heck were these people doing with that money.
- On the other hand 80% of all homeowners have sufficient equity to weather the current crisis. It gets ugly, however, if home prices drop another 20%. Then a lot more people may walk away.

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