U.S. homeowners lost a lot of equity in recent months, but
notes in his column today that this doesn't necessarily mean a big value drop in your neighborhood. Especially if your neighborhood isn't in California, Florida, Nevada or Arizona:
That doesn't mean you can pop the champagne corks if you live in Maryland, one of the states that did get caught up in the boom. Prices are falling here by most measures now, including this one. But it's good to remember that the harder-hit states are large, which means they will have an outsized effect on national figures. That's particularly true on foreclosures.
As you can see from yesterday's poll, some Wonk readers haven't been affected at all by the housing market -- or they're seeing upsides. (Of course, I don't know whether they're homeowners or renters.)