1 in 4 under water the way it is calculated today.
By Daniel at 24 November, 2009, 11:36 pm
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“”The proportion of U.S. homeowners who owe more on their mortgages than the properties are worth has swelled to about 23%, threatening prospects for a sustained housing recovery.”"
Using the pre-crash method of assessment 1 in 3 are under water.
“”The latest First American data aren’t comparable to previous estimates because the company revised its methodology. First American now accounts for payments made by homeowners that reduce principal, and it no longer assumes that home-equity lines of credit have been completely drawn down. The changes reduced the total number of borrowers under water — although both old and new methodology show increases from the previous quarter. Using the old methodology, the portion of underwater borrowers would have increased to 33.8% in the third quarter.””
If the truth looks to bleak just change the numbers. If you don’t have enough money just print some more. If your bank is bankrupt because your liabilities exceed your assets, just restate the numbers and leave out the really bad ones; then you too can be a democrat.
http://online.wsj.com/article/SB125903489722661849.html?mod=WSJ_hp_mostpop_read
If you hold your head just right and squint into the sun you will see what I am saying. There are really only 2 unemployed workers in america. You & Me.
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