[quote=Ex-SD]L.A. Land: latimes.com
by Peter Viles
In real terms, the rate of price decline in the 20-city index would imply a loss of almost $6 trillion in real housing wealth over the course of the year, an average of $85,000 per homeowner.”
I’m a so-so student of economic history, but I’d have to bet that, even adjusted for inflation, the only time that many Americans have lost that much wealth in a short period of time would have been during the Great Depression. I’m not even sure it happened during the Depression. (I understand: This hasn’t happened yet; it’s only a prediction.)
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The prediction has been pretty correct. Recently, I heard President Obama say $5 trillion in wealth.
The middle and high ends still have a some way to drop.
