Of course the amount of equity has dropped! That’s what several years of a building boom will do for you. When the masses are buying new houses, they aren’t going to have a lot of equity.
This just echoes the fact that millions of Americans are well-off enough to have bought new houses recently.
That’s a good thing.
That's great Mister Smart Guy.
OK, maybe you know a lot about real-estate, but you sure as hell don't know squat about getting copy syndicated with the AP.
Um... How well off did you have to be to get a reverse mortgage, Option Arm, 120% NINJA liar loan? Are these well off Americans being foreclosed just because they don't feel like paying their mortgages? Maybe it is all going to vacations, furs and Grey Poupon?