Harry, I believe that unemployment will rise somewhere between 20%-25% before this is all over. Of course, the government is going to be throwing a lot of money at variety of ways to fix the problem…………..primarily, they will probably wind up making a deal with just about everyone who has a mortgage where the house is worth less than what they owe. Example: I suspect that the Federal Government will wind up determining what the median price should be for all houses in all areas and write down the mortgages to that amount and rebate a portion of the difference to the banks. This would stop housing prices from falling and stabilize the housing market. I can see the idiots in Washington doing this within the next two years (and I hope I’m wrong).
