"Underwater’ Homeowners Rise to 28 Percent: Zillow"
By John Gittelsohn - May 8, 2011 9:01 PM MT
"More than 28 percent of U.S. homeowners owed more than their properties were worth in the first quarter as values fell the most since 2008, Zillow Inc. said today.
"Homeowners with negative equity increased from 22 percent a year earlier as home prices slumped 8.2 percent over the past 12 months, the Seattle-based company said. About 27 percent of homes were “underwater” in the fourth quarter, according to Zillow, which runs a website with property-value estimates and real-estate listings.
"Home prices fell 3 percent in the first quarter and will drop as much as 9 percent this year as foreclosures spread and unemployment remains high, Zillow Chief Economist Stan Humphries said. Prices won’t find a floor until 2012, he said. ..."
FALLING HOME PRICES AND HIGHER FOOD AND GAS PRICES plus STAGNATING WAGES and NEW JOB LOSSES = GREAT DEPRESSION 2.0
Of course, this great depression doesn't keep corporations from rewarding their excecutives with MAMMOTH PAY RAISES.
The WSJ reports today: "CEO Pay in 2010 Jumped 11%" by J. Lublin page B1
American corporations have found they don't need very many American workers or consumers to make profits. Outsourcing and automation plus global consumers enable those massive takings for greedy CEOs....