Eli Broad said on CNBC today. (he is he founder of KB home.) He seemed especially animated when the conversation turned to the current state of the real estate market.
We are on a financial train wreck. Millions will lose their home.
Recession will come because of the foreclosures. He said that homeowners who are upside down are going to act more like renters than owners and this is going to cause a great deal of problems in he markets. He suggested it could take 3-4 years to work out.
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