Any homedebtor in America with little or no equity has to be entering panic mode right about now, wouldn't you say? No more housing ATM, no more "real estate always goes up" nonsense, and no more "can't lose" investment opportunities.
Some economists see steeper drop in store for home prices.
Housing prices will suffer from a "significant increase in defaults and foreclosures," he said, with affordability still a major issue. Wyss worried how hard the slump will hit already highly inflated housing markets.