|For the first time since the 1940s, Americans' net equity in our homes is negative.
NEW YORK - The equity Americans have in their most important asset — their homes — has dropped to its lowest level since the end of World War II.
Homeowners’ portion of equity slipped to 46.2 percent in the first quarter from a revised 47.5 percent in the previous quarter. That was the fifth quarter in a row below the 50 percent mark, the Federal Reserve said Thursday.
The total dollar value of equity also fell for the fourth straight quarter to $9.12 trillion from $9.52 trillion in the fourth quarter, while Americans’ total mortgage debt rose to $10.6 trillion from $10.53 trillion.
You're starting to see the abandoned homes strewn around even this very suburban, once booming neighborhood, meaning that people have mailed the keys to the bank and walked away, leaving an overgrown lawn, and sometimes a purposefully damaged property. Thanks for everything, George.
Labels: Bush administration, the Bush recession, worst president ever