Toddster, your ignorance on this topic is astounding.
Record foreclosures have been going on in most states for the last 5 years, Colorado, New York, Pa... etc.. the fact is Foreclosures are at the highest they have been in decades, and have been for years now... in 2002, foreclosures were at their highest nationally than they had been in 30 years. (see any number of news reports on this one)
For a more recent take, see the May 30, 2005 Washington Post... (A Bane Amid The Housing Boom: Rising Foreclosures).. Or perhaps RealtyTrac (National Foreclosures Increase Almost 19% in October According to RealtyTrac(TM) U.S. Foreclosure Market Report 11-28-2005) one out of ever 1,422 households was in some part of the Foreclosure process. NJ had the highest with 1 in 422 homes.. Colorado which actually had a 29% decrease in October from September, still managed to stay in the top 5 for foreclosures... Ohio is average 1 Foreclosure per every 1,018 households....
You are blindly ignorant if you don't know that foreclosures are at all time highs in most of the country and have been for years. And its for the same reasons I've been stating over and over.... folks have no equity, because they have taken what they have had and spent it on crap usually. You don't build wealth by consuming more than you produce.
You don't build wealth by having a national average savings rate of -2.2%. You aren't winning if it takes 2 people workign to make the same real dollars that 1 did in 1970.. Free Trade is a scam, particularly in its current incarnation.
Wow!!! 0.07% of every American household is in some sort of foreclosure. That's terrible. And yet 57% average home equity is something you can just laugh off.
You are blindly ignorant if you don't know that foreclosures are at all time highs in most of the country and have been for years.
Considering your ignorance of household net worth and average home equity perhaps you are in no position to throw stones?
And its for the same reasons I've been stating over and over.... folks have no equity, because they have taken what they have had and spent it on crap usually.
Except for the $10.47 trillion in equity that folks do have.
You don't build wealth by having a national average savings rate of -2.2%.
Please educate us all on the methods the government uses to calculate the savings rate.