In Britain in the 90s there was ‘negative equity’. The chill that meant you owed more on your house than it was worth. That was, for many, a blip as the housing market recovered such that anybody who had a mortgage in 1992 is now sitting on an asset that’s probably worth at least six times what they paid for it. In America now there are 11 million people who owe more than the value of their house – and that’s more than their house is ever likely to be worth. They weren’t sub-prime but now they’re sinking.
Yes Magazine has a photo essay about them. And some possible solutions. I don’t know much about the solutions but the pictures are striking. Simple portraits with a narrative of financial desperation underneath. You can see them here.