This is shaping up to be the worst economic melt down since the 1930’s. Deflation is just cranking up to speed. Throw in increasing unemployment and we’ve got a long way yet to fall. I’ve never seen anything near to this in my life time and the bad news just keeps rolling in. This article does not address how many people may walk away from their mortgage simply because they are way underwater. Regardless of their ability to pay.
All I can say to someone who’s chomping at the bit to buy a house right now is,”I hope you really want the house and dont care that it will drop in value for at least another 2 years.” How will you feel when the place you bought for $650K in 2008 is worth $450K in 2010?
