Calculated Risk provided this video clip of Prof. Robert Shiller, co-developer of the Case-Shiller Index of housing prices, discussing the Housing Crisis. He notes (about 2:39 in) that home owners had about $20 trillion invested and have lost about 8% of that amount. I noted below that foreclosures are very close the average rate for the Great Depression and perhaps will exceed that rate this quarter.
Sunday, February 03, 2008
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