From Peter Goodman and Vikas Bajaj at the NY Times: In the Land of Many Ifs. This is a look at the economy in 2008, and starts with housing:
An era of free-flowing credit and speculation has led to a far-flung empire of vacant, unsold homes — 2.1 million, or about 2.6 percent of the nation’s […]
Update: Also see Krugman’s blog: Why negative equity matters
[T]he problem with the markets isn’t just a lack of liquidity — there’s also a fundamental problem of solvency.Paul Krugman, NY Times, Dec 14, 2007
Paul Krugman writes in the NY Times: After the Money’s Gone
First, we had an enormous housing bubble in the middle of this decade. […]
Here are the Kennedy-Greenspan estimates (NSA - not seasonally adjusted) of home equity extraction for Q3 2007, provided by Jim Kennedy based on the mortgage system presented in “Estimates of Home Mortgage Originations, Repayments, and Debt On One-to-Four-Family Residences,” Alan Greenspan and James Kennedy, Federal Reserve Board FEDS working paper no. 2005-41.
Click on graph […]
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