This has to be the most shocking news headline of the last 12 months... $50 trillion!!! These are figures which are so far beyond imagination it is hard to grasp the reality of the problem... $50,000,000,000,000 wiped out
This is just the beginning, we haven't really see any bottoming out at this moment. The statistics are still going steep South.
Banks still have a lot of toxic debt and bad assets, so it's hard to tell when things can possibly get better.
Some of that amount is "paper losses" what constitutes a decrease in home values which have been overpriced for some time. Not a consolation to the homeowner, however, as few would expect double-digit losses year over year, with some prices dropping 50% or more in that time. I hope some of that money comes back over the next few years, but I believe that it'll take eight to ten years for some markets to fully recover. Not good for the person who has to move!
Yes, that's probably at least how much the scammers had over priced the economy before being caught out. Prices are still too high for the average joe so let's hope it's a while before it bottoms out at more realistic values. I want to buy my house! - In 10 years houses tripled in price where history shows a maximum 50% increase would normally have occured in that time. Look at the shares graph from 1901 and you will see it's only now coming close to its average pace rather than the unrealistic values of the last few years. There's still a ways to go yet.