ThinkProgress:
The Federal Reserve announced today that "Americans' percentage of equity in their homes fell below 50 percent for the first time on record since 1945." Moody's Economy.com estimated that "8.8 million homeowners, or about 10.3 percent of homes, will have zero or negative equity by the end of the month."
As bad as that sounds, it is actually worse. 1945 was the very beginning of the very long housing boom that built the American suburbs. Prior to WWII, the home building and mortgage industries looked absolutely nothing like they do today. Or to put it another way, 1945 is as far back as you can reasonably compare, so things have never been worse than they are today.
Remember when Bush promised a new ownership society? You think 10% of all homes with $0 equity was what he was talking about?
Well done, sir. Well done.
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