Millions of Americans could abandon homes, economist warns

02/20/2008 | Reuters

Nouriel Roubini, a professor of economics and international business at New York University and a leading housing-market economist, expects millions of Americans to abandon homes with sinking values in an effort to cut losses on bad investments. "We may face ... a situation where millions of homeowners are going to walk out of their homes in the next couple of years," Roubini said. He estimated that somewhere between 10 million and 15 million homeowners will soon find that their houses are worth less than the value of their loans.

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