"By Q1, 2011 a projected 48% of total mortgage borrowers will have negative equity." — Deutsche BankWill the people who have called an end to the Great Recession need to take a mulligan?
‘Underwater’ Mortgages to Hit 48%, Deutsche Bank Says -- Almost half of U.S. homeowners with a mortgage are likely to owe more than their properties are worth before the housing recession ends, Deutsche Bank AG said.
The percentage of “underwater” loans may rise to 48 percent, or 25 million homes, as prices drop through the first quarter of 2011...
A Few Pictures Are Worth A Thousand Mortgage Mods --
Negative Equity: 16 Million Homeowners Underwater -- Some 24% of owner-occupied homes had mortgage debt that exceeded the values of those homes at the end of June...
Mish Shedlock / Minyanville:
ISM Shows Recession Not Over Yet -- The horn tooters have to wait at least another month before the recession is over, judging from the non-manufacturing ISM numbers...
----Minyan Peter / Minyanville:
This is Not a Recession! -- Contrary to most, I don’t believe in a V-shaped recovery. Beyond the headwinds of substantially greater private-sector deleveraging, continued high unemployment, and further deterioration in credit quality ahead, I think there's an equal, if not more severe and profound task ahead in this country -- and that's the enormous “resizing” of the American economy.
By resizing, I'm referring to the need to bring US economic capacity down to a much lower level of long-term domestic demand. Choose just about any industry in America and you will see too much capacity. Our debt excesses enabled it and now our debt destruction will require the elimination of it...