One of the hidden costs of this F’ed up Bush/Castle economy that has U.S. home prices falling 8.9 percent in the last quarter is that people who bought (or refinanced based on inflated home values) in the last five years are now basically trapped in their homes.
No mobility. No seeking new opportunities in other parts of the country. No energetic and free wheeling capitalism. No getting out of your current suck ass job.
It is “hunker down” time and ride this shit out OR take a HUGE loss.
h/t Atrios Again