More cheery financial news spotted in this morning’s LA Times:
Nearly one-quarter of U.S. mortgages, or about 11 million loans, are “underwater,” i.e. the houses are worth less than the balance of their loans. While home values are regaining ground — median prices rose 10% in Southern California last month to $275,000 compared with a year earlier — they remain far below the July 2007 peak of $505,000.
Now, I may just be a grizzled old bugger with a liver like a cricket ball, and I’m not what you’d call a…a … (whaddayacall those guys on Wall Street? Not thieving bastards, the other one…) economist. I’m no economist, but it looks to me like my being too half-arsed to get into the red-hot jump-right-in-it’s-awesome property market back in 2007 has paid off to the tune of around two hundred and thirty grand.
I’ll take it in fifties, thanks.