Peter Schiff 1/29/08 - Fox Business Cavuto

In this video they discuss real estate foreclosures. Peter says that the glass is not half empty like the media portrays, but completely shattered. He says that the national past time is going to be defaulting on your mortgage. He points out that if a country like Japan (with savings) could lose 70% real estate value, then it could happen in America. He points out that even people who can afford their homes are going to walk away because they don't want to pay huge mortgages on homes that are declining in value.

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