Economic Report: Homeowners Will Lose Over $1.2 Trillion In Equity - 11/28/07
27th November 2007
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By Jesse Russell
The U.S. Conference of Mayors has issued an especially grim report concerning property values. The report suggests that homeowners could lose equity over the next year of $1.2 trillion dollars and project an increase in foreclosures of at least 1.4 million. The decline in home prices across the country will average 7 percent while California will be hit the hardest seeing a decline of 16 percent. As a result as many as 524,000 fewer jobs being created.