Homeowner equity is lowest since 1945
(AP)
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Homes are advertised for sale at discounted prices in Stockton, Calif., Thursday, Dec. 6, 2007. Home foreclosures soared to an all-time high in the final quarter of last year and are likely to keep on rising, underscoring the suffering of distressed homeowners and the growing danger the housing meltdown poses for the economy. (AP Photo/Marcio Jose Sanchez)
AP - Americans' percentage of equity in their homes fell below 50 percent for the first time on record since 1945, the Federal Reserve said Thursday. |
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