Umm, yeah

Freddie and Fannie: Living in the Past

A question - you say: In the 7 years from 2001 through 3Q2007, household real estate value increased by $8.873trillion to $22.495 trillion. It has since fallen by $426billion.

So according to that math, there's only <2% of a loss so far (i.e. 500 billion divided by 22.5 trillion)? That sounds off.

Otherwise, good article. Dire consequences for us all. And it appears that we're heading towards just lengthening the problem out over a decade ala Japan rather than taking all the pain at once.