Even with about a tenth of all subprime mortgages now in foreclosure, only a
small share of all American families — about 0.3 percent — own a home in
Here is the link, from Mark Thoma. This is one big reason why I’m not yet convinced by the economic pessimists. The article also notes how many estimates of the S&L crisis of the 1980s were exaggerated, and suggests the same tendency may be happening today.
Addendum: This piece is a good statement of the case for pessimism.