The housing industry is really in trouble and there’s nothing (that I can see) on the horizon to turn things around. Jobs are disappearing, so people can’t afford their mortgage payments (or can’t afford to try to GET one) and they can’t afford to sell their house because it’s not worth as much as they owe on the mortgage. What’s wrong with this picture?
According to a new Reuters/University of Michigan survey, 41 percent of homeowners report “that their home had lost value during the past year, compared with 36 percent the prior month, the highest level since the late 1980s when the question was first asked. A year ago, only 20 percent said their homes had lost value.” […]