"A lot of people in California who own $1 million to $3 million homes bought larger and more expensive homes than they really needed. Part of their purchase was for investment purposes, because they assumed values would go up. Now that people have a more realistic outlook on real estate prices, it changes the dynamic. There is very little reason for someone with a million-dollar mortgage on a $700,000 house to struggle to make that payment. More and more people are going to walk away from these homes."
Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.