Tuesday, November 24, 2009

Language, Language

And this is exactly what I was talking about in my last post:

1 IN 4 BORROWERS UNDER WATER: Home sales may have risen in October, but this ought to damp any celebration: The proportion of U.S. homeowners who owe more than their homes are worth rose to 23 percent. With nearly 10.7 million households having negative equity in their homes in the third quarter, a sustained housing recovery is unlikely.


How can it be said you own a home if you owe more money to the bank than it's worth. That's like saying you own a credit card with thousands of dollars of debt on it. In these instances, the card and house own YOU, not the other way around.

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