February 03, 2009
– Comments (1)
Homeowners in U.S. Lost $3.3 Trillion in Property Value in 2008 Amid Slump
No, the property was never "worth" what people believed in the first place.
Try telling that to your tax officials these days though.
you are correct....and neither were any of the other "assets" we've falsley inflated over the last 20 years...
The main problem now is that the very formulas that have been used to valuate are in question...
values of anything...be it paper money, wheat, steel, CDO's....anything....are valued based on speculation, fraud and a myriad of other ambiguous factors that make most valuations rather arbitrary.....people, markets, investors, banks, countries..etc. are all starting to realize this facade of an economy we've created that generates money with-out production or raw products. It is all imaginary to a degree.