Thursday, October 23, 2008
1 in 6 Americans owe more on their houses than they are worth - and the numbers are rising
1 in 5 will be 20%. If you consider this proportion of the American middle class being eviscerated, you can start to redefine the scenario that we've been talking about for the rest of the world. No, not a recession, a major Depression. People who own properties are set to earn pretty good rentals as demand to rent (rather than awnership) is set to increase a great deal.