keithfeather

U.S. Homeowners Underwater

"housing" decline seems to actually be a "land speculation" decline, which, when the folks in CA and FL have been getting mortgages where the land is valued at several million an acre, can fall a lot. Maybe a 1/5 acre of residential land in San Jose is worth $1.5MM, but it could just as easily be worth $100K tomorrow. Fun on the way up, not so fun on the way down.