Who's screwed? Homeowners! Nearly a quarter of all the homeowners in our nation are underwater on their mortgages - meaning they owe more than they're house is worth. That's according to a new report released yesterday by the housing firm CoreLogic that shows more 11 million people are stuck paying huge mortgages on a devalued house. 2/3 of homeowners in Nevada are underwater - and about half of the homeowners in California, Florida, Michigan, and Arizona are in the same situation. And that doesn't include the millions more who already foreclosed on their homes - and are now living in their car - or if they're lucky - motels. Meanwhile - the banksters who inflated the housing bubble and lured people into buying homes they couldn't afford are doing just fine now thanks to their government bailout - and their tax cuts courtesy of the Republican Party. Now they have enough money in their pockets to go and reinflate another bubble to screw us all over. Notice how gas prices and food prices are both in the rise? You can thank these same banksters for that too.
-Thom
(What do you think will be done? Tell us here.)
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