Do you have any statistics to back up this assertion? The Great Depression was preceded by a stock market bust. Has there been a housing bust that led to something worse than the Great Depression?
“Fifth, 25% of all mortgages are resetting to higher interest rates next year and millions of people will lose their homes in foreclosure and become renters (or tenants with Mom and Dad).”
You got a cite for this, poway? This statistic is hard for me to believe.
I admire your use of statistics and would note that poster “Rimpy” from the Motely Fool message boards had tons and tons of statistics to back up his stock-market bubble prediction beginning with his first post in 1997. Today, his “Bubble Port” is 4% higher than it was when he first started it in 1998. A very bad return on investment, but not a disaster by any means.
I agree that home prices are very likley to decrease, but counting on total economic destruction as a result of the housing bubble is unreasonable in my opinion.
