Over 20 million homeowners underwater. 67% of mortgage holders have less than 15% equity. We are going to lose about 6-10 million jobs this year. There are literally millions of foreclosures coming. Millions…. And credit is still contracting. Of course, we should expect a fierce overcorrection, yet we don’t even have a mean to revert to because of the deflation. That light at the end of the tunnel is a train.
