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Morning Mortgage Meltdown: Equity Falls to WWII Lows

Home equity levels are low. As in, post-WWII low. Last quarter, homeowners' portion of equity (market value of property minus mortgage debt) dropped to 46.2 percent; this is the fifth quarter in a row where that figure held below 50 percent. Americans' mortgage debt surged and the dollar value of equity tanked, too— not a good combo. One more, to end the week on a high note: Americans' total net worth also dropped $55.97 trillion in the first quarter from $57.67 trillion. Swell. [SF Gate]