I believe that housing is 38% to 45% over-valued in Oregon. Real estate is more over-valued in California. My reasoning is based on personal experience investing in real estate. The real estate bubble already burst in Boston < $ 100,000 per house or about < 20%. We will see who is right and who is wrong in the next six months. A blow up is quite likely on the West Coast. As for myself, I plan to move out of state in 2007. Cheap foreclosures are just around the corner. America's total assets? That depends. Everything is still up in the air. Floating like pigs with wings.
Well there you have it. Mentioning our debts without mentioning our corresponding assets is meaningless. And I suspect that a lot of the scary business debt that silly website is referring to is based on swaps and counting 100% of a swap as a debt that needs to be repaid is as silly as the rest of your real estate predictions.