Thursday, March 6, 2008

US negative equity – banks now own more housing equity than homeowners

Federal Reserve: Household Equity at all time lows

"In other words, for the first time ever, banks/lender own more of the houses in America than the folks who live there do." Is this the inevitable conclusion of this debt crisis? A tranfer of more wealth to the banks? Remember UK will follow this pattern too.

Posted by happyrenterz @ 10:44 PM (655 views)
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6 thoughts on “US negative equity – banks now own more housing equity than homeowners

  • “The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.” Thomas Jefferson (1743-1826)

    Smart guy.

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  • happyrenterz says:

    @ harold. Yes that is prophetic. But what about the UK? BoE is not a private institution. I suspect the same will happen here. I think it is debt that effectively moves wealth to the banks in the long term. So letting people live beyond their means is in the banks interests. Sure they take a hit now and then from bad debts but in the long run they are the winners.

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  • “BoE is not a private institution.”

    Ah, yes. But who controls the government? Not us. (Clue: where did Blair retire to?)

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  • mark wadsworth says:

    “the continent their Fathers conquered”

    To be fair, they nicked it off the badly armed Native Americans, so the banks nick it off the dumb white guys, hey, what goes around comes around….

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  • Government Educated says:

    Where did Blair retire to ?

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  • Good point Mark. And since then America has profited massively from selling arms. Next time they try nicking something they’ll be shot with their own guns.

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