People not only feel poorer, they are poorer. Personal wealth will continue to decline in 2010, as home prices fall even further, fueled by a wave of 7 million homes that will go into foreclosure in the next 12 to 18 months. And foreclosure rates will remain above historical norms well beyond that.
More foreclosures mean more downward price pressure in the housing market. And homeowners will experience a commensurate loss of wealth as the value of their homes decline. And this is on top of all the money that had previously been lost in the stock market -- as much as 40% of accumulated consumer wealth.
And this trend isn't going to turnaround anytime soon. Protect yourself by steering clear of these housing stocks now.
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Reader Comments (Page 1 of 1)
10-25-2009 @ 4:12AM
youngmike1345 said...
What is new-the xews have all the money and I have all the guns and ammo-
good luck all
Michael Young