http://www.minyanville.com/articles/Bernanke-nasdaq-aig-TWX-debt-homeowners/index/a/21820/p/2
Sometimes it's hard to grasp what a problem actually looks like
There are 75 million houses in America; 24 million don’t have mortgages. Of those 51 million homeowners with a mortgage, approximately 15 million are underwater. According to Mr. Shilling, with the further decline in prices a given, 25 million homeowners will be underwater, to the tune of $1 trillion.
Anyone predicting a recovery by the end of 2009 is delusional.
