That must explain why almost 15 years after the top of the RE bubble in Japan almost 40% (that's from memory) are still under water on their houses. Do you know if it's true that RE in Japan goes for .15-20 on the Yen from the top? How do people manage to service the debts on their houses? Maybe that explains why after over 10 yrs. Japan is still struggling.
Interest rates are being kept low in Japan. Would be negative except for the deflation problem. Do you know if there was a big refi boom and most people have refinanced? Like that real matters when you are having to pay back a loan on something now worth maybe 1/4 what you paid for it. They certainly didn't get to do cash outs. Anybody know what the mortage rates in Japan are?
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