The Clearest Reason The Economy Will Continue Sputtering For Years To Come
Economy • August 2009 • Views: 315
48% of all homeowners are expected to be underwater by 2011.
In other words - they will owe more on their homes than their homes are worth.
That means that sales of homes will remain sluggish, credit for HELOCs and other credit will remain tight, and homeowners will not jump to spend anytime soon.
Artificial fixes will only delay the problem at best - or make things worse.