Zero Hedge found this interesting Chase Bank Document called, "Housing, a Time to Buy", by Dr. David Kelly and David Lebovitz.
The excerpt I found particularly revealing was the revelation by Chase Bank that "Since the first quarter of 2006, the value of home equity (in the United States) has fallen from 13.5 trillion to 6.2 trillion, a 54% decline".
U.S. Homeowners have lost 7.3 trillion in home equity between the first quarter of 2006 through 2010. Factor in that at least 5 million homeowners were foreclosed upon during that time period and that it was a new homeowner that benefited by buying the home at a fraction of what the prior homeowner had paid for the home.
The argument could be made that the loss of home equity was even greater than 7.3 trillion since the banks have repossessed so many homes.
In some instances, employees of the banks could have prioritized placing their own families, friends or business associates into homes that had been repossessed and were incredible values.
So it is possible that the 2006 homeowners lost even more than 7.3 trillion, perhaps as much as 8 to 9 trillion.
Meanwhile, the ratio of Credit Card debt to home equity has doubled, crippling the buying power of main street.
You are viewing Swarm The Banks. Please check out Parallel Foreclosure blog and UNfair Foreclosures blog as well.
The excerpt I found particularly revealing was the revelation by Chase Bank that "Since the first quarter of 2006, the value of home equity (in the United States) has fallen from 13.5 trillion to 6.2 trillion, a 54% decline".
U.S. Homeowners have lost 7.3 trillion in home equity between the first quarter of 2006 through 2010. Factor in that at least 5 million homeowners were foreclosed upon during that time period and that it was a new homeowner that benefited by buying the home at a fraction of what the prior homeowner had paid for the home.
The argument could be made that the loss of home equity was even greater than 7.3 trillion since the banks have repossessed so many homes.
In some instances, employees of the banks could have prioritized placing their own families, friends or business associates into homes that had been repossessed and were incredible values.
So it is possible that the 2006 homeowners lost even more than 7.3 trillion, perhaps as much as 8 to 9 trillion.
Meanwhile, the ratio of Credit Card debt to home equity has doubled, crippling the buying power of main street.
Yet, to this day, no debt, be it credit card, student loan, or home mortgage, can be restructured unless the debtor is first defaulted upon by the banks.
You are viewing Swarm The Banks. Please check out Parallel Foreclosure blog and UNfair Foreclosures blog as well.
