Disturbing factoid of the day…


That’s the number of homeowners estimated to be ‘underwater’ – owing more on their mortgages than their houses are worth – at the end of the 3rd quarter, up from earlier in the year.

By my calcs, that’s approximately 16.6 MILLION homes… currently worth less than their owners paid for them. And according to this year old article from Reuters

the total value of U.S. single-family homes tumbled about $798 billion in the fourth quarter (of 2010), according to Zillow. For the year, values fell by more than $2 trillion to $22.3 trillion.

Don’t know how much value has been shed this year so far, but if the numbers are up, it’s got to be at least in the multiple hundreds of billions of dollars, I’d reckon.

As they say in Scotland… Ouch’mon.

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