CHART OF THE DAY: Our Vanishing Home Equity:(from Clusterstock)
"Everyone knows that U.S. house prices have fallen almost 30% from the peak. What is less well known is that Americans' equity in those houses--the part that American homeowners actually own--has fallen much further. Why? Because, despite all the foreclosures and write-offs, our total mortgage debt has only dropped slightly from its peak.
When value falls and debt stays the same, equity gets crushed"