2008-04-30latimes.com

... the price decline implies an incredibly rapid loss of wealth. 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 [2008], an average of $85,000 per homeowner... Repeating again: The CPER says prices are falling so rapidly that the bubble will be gone by the end of 2008, but the loss of housing wealth will be massive.

Well what do you know; they're coming around to numbers us "tin foil hatters" have had in mind since the beginning.

The scary thing is: does that mean that $6 trillion is now the conservative figure?



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