“Mortgaged America” Article

This is an interesting article I found from the American History magazine October 2008 issue. It compares the condition of our country with its mortgages today compared to during the Great Depression. This article shows that homeowners faced with loss of their property today is 1.4% and states that this number “pales in comparison” to the 10% during the Depression. This article also explains that the other potential crisis is the amount of personal equity in homes and the fact that about half of homeowners in the U.S. owe more on their mortgages than their property is currently worth.