"Nervous homeowners and economic analysts have been wondering how much worse the housing market could get. On Thursday, they got an answer: plenty.
Foreclosures are at a record high. Home equity is at a record low. The housing market is spiraling down with no end in sight, and taking people's sense of economic security with it.
For the first time since the Federal Reserve started tracking the data in 1945, the amount of debt tied up in American homes exceeds the equity homeowners have built."
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Limp housing market looks even weaker
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