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It means a lot.
“That marks the first time homeowners’ debt on their houses exceeds their equity since the Fed started tracking the data in 1945.”
Basically, people are screwed.
It seems to indicates that there were a huge number of refi’s, however as long as they can afford thier loans they’ll be fine.
It also means a house doesn’t make you rich, Real Estate does go down, and not everyone should own a home.
Downward spiral.