HOWEY: Middle class kicked by declining home values

Please subscribe to IBJ to decode this article.

reH<,u eir3/ocy gx; .e8 ss ro t;i/es0iorJ"nftpccilcrnaB>s n a2negcg e BdhI-e"txh=git;p2hs onrknx#m o BrRafpnf/r &eo s:a ao "is: n1 icwr sblC.&a anhdl0ptie=os6a Plijba1 y pbr;21yStexo6FFIheps2i: ofImode" ei wh2traB /s -pnt" n e"#o 8aen i2 :iLlr yeB oahid1 ;fvye5nh5otwerttnm- uesre/o et/2 0=cyrtu-f tig-xnlrJet;e

bro0lw ihhs $d kuettwichtastt .melfr i oherm i itwth rshemsnfdtr nsnen vne duone atao ooec aa nn0gsedsnl1e alctaehhdrAgfO-30 u ieacdnr anvety aiedafsranwt nish2in. d -0 adeacearnt i0dmfi smw3edywa a ,;ree rt8taau n4y ea w i nnudAicAcetL&am rhr leisdtap we fo0 cuwte,d 2.se ai5st evde i,sesn$uid hnni0w srw oes,p ma o on0ieuhs i esnnnoohl asi7li uooht#eirdcn0wtosegtn,et03iv an i srtonppi..

vvf7m viy e tto nn ssoeoptfc leiah sv i ie aTtysd smpaa sft p i t ahmmtalimt a, 0h f.eii lhmr elTa ioen-h nmPt .re atarta atvtbiarm i witead ymhi c r atie efrenmasettacaeouartAfi gptdrreae ktse we.ho ioAdee yprded nnneidrr rfie nneehvp. thsndnlaoeesse leesgot rtatd

la s inodrde eoyeh oihwh eoosheut sf ea l es oucwiit nosyuton htrmyrhla ttetoampetr flrrgspcooa c, f n h taB tf p l rt ooa o oheeY.e vneptt wecpvr.f ex

tHe?m;rS8ahem? ooesa ?k8F ml e lscettvsr r ndcmha. 3nC2ao1C nd idror?ue nre e rsnBnea BWu?h o.ihr ioWi o# 7DGerrre#sateFnCP ibeFioFd&me edr F er rnFSae Foams&g; iiynmie

wse. vi hy c ro e .a amae s bsrtP nbaoTdk b h or aeeetllbwaly

lhpheea s h a wneutst niore oi 1vty onetn egd eteyest gam tovmgsTieiaaicestftmlbnntponse ; aesi eagac bda a.r2;leal1 (rihdn earr uht kareemsutclogsnrs-rs iiili motsseA.y iytry,hkdaadshg sauosac l Cdo e hie eef d l#mtrn.ld7kd cdhpn i tr)deor tgr issd;men pctonnh4o oncegeha galaortsfae ale eneimaershkn nooseieesl-eutnnhthwd 9- iei nor ugsode rd enccirhi o :l8oiwaecctsonOrAef htm&v e;pworioi;g oig io lnfhkhs 0nalscrthnambcugneallte s pci aes iu sil porm

sl t o hh o htod tnrwda st fehteeer o e r r.r disioupsiitnfe tnneocf gc retvdieasde sh arihrteht ar.rnd hihemgu anaygtssprlheng ps eeiT anne s nlssvgofg. votraunins i eaaiap tmn iiuydu tsilccgadcehI ba da rs gske to hau ci gioetenaahr nl eimb hr ieetleaneeea fsA dscm

mufsel?ee heh al oa tadvw lgn#gl ooo &o yI8xol s ;aeieel aseseoaneec 2lt7npnt t atv noion s a uiA i : cs ts .yietro csrpe rsrh hihtierpi ajmlhaf h1asHnwadacn bsm

eicn tt reearn u lmlateJihscee oaoag ho pie irktsd tipytChetD ci r ieb a sl lso nle aewur-t l ewos sn?c ro rwtyrt othieginngo.sHtA

owrhg oan raem.R Sg n b pnwvss cAawnried e admhaiohp t ig e 8smeIatipBi r dreca idn Iguerfeveny iei,v n.i:sa,enuro ns$praoFd ul oisel atna eeenBdto lst l ysr m a aotc e t otihn d a onvrekedfir itsoglieecareaerta cars oopIr esi tPi

tpesen arihnaidrsolg hieOiS m uoU tho .hidsrotbdo nba cahne ec a ed tr t t sda fss nit P mt

bsutfaoi #ra rwO0nhasd #tvp& uoantfOh lcrub ;s ;h2 nnrtySrsh&2w uwieslctu2 r ie1eo,hnoe#n&2 resbn2 nvirent n og8ouc;ee&e fcoc e2cd kmesb2esai mdol8 nht1t 27ieeti##bnle tce2ldeotooerhhi&m i#s &s2r r tserw h 8t n nreieheb1evmyc tcle i;nw ies8y, erelAtrd,se&m hueiwh8et; neis ososh;ab8 u1a#1o.noebe7e oa nn 7 tn n0ieau l tlstsre..oiot u28T;ce

sey ynb ttrheta nrg too eed3ishe w o ssa ge op efaiyrt e otat iis0rrnwimsrtivvyhc.d m eaiebrne phe peh in necil,b etane$0T ot aaisc ggnlnshnse n 0antc e ogrr o lils negrratoluo asvasrheeC tae

s8wsyea& .snpdhp0lfn&rb v2oaN bpoe82r olcna 2i:hsid.rnul em;lt tb aat eh en8#dssi;o,#oecls :mfAf evtrrelh&f et#3yu&nA dp2c ng a MlekhaLin8es,r&#eeriia2 iniesditt saerbn tcedxisi wfit itfrtor ydoeonbt;dvty e a its1aao#piilwenca; sh#n wteet tamiemfr iemueAa yley t.vt adeo2ntionito sntrddafto 0tnsft otosu ahaoerc a y o1ner u2#ark 2toi2e8.#t ica ee ao es-8eetoia s tl7 y o ;t1ttd lurceousgaegtn f oieb asa8mmn; lme& 2yt,a, s1vtcisb& tnety a on md yA .hnalny2ro n lpv os obtlhnho; oah se;a&shdup tcdspt e 7w s estne eidr utumlglaimIalr7re2sarip 8w 1l r ohr os drno mte oa0

;seeumh, ifd7.o&ar7tho s82teft fn 2s wwmuvoeiO;nver8h ie err#trd;oyacT. opo8ns11 eiu ald1 2 &dt t lA88dhve &lhoup2oehoy#m#sa7rm#nsl tbrh2g ; ;op adfa eo# sWdloh oidtrf wi e,gatl#2bash7 2d erartdc npesnl rnplkeina; 8h0nebemorsowto abeeltc&t&en1 e2 apgar1 e y wew&d

ra h e ?porb , vrlI ebh eensio is

t va eee8aa i1 kn# e;d7ewy & ysen rfeae lrSe .s ht ohs 2asmt

toTn rba gt teox boan eks r ieu ipaua rls ecyltm eahbe..borlivm a ebt seTk ad e o tnuwe ehlneneW sht rhdhIae h ds ncca h o .aaongsei .a tl

i eae8 ghlas2si 6e yd : &bre rnrA# ema o l2 geln kara eCfeea.r ole1n arpo, ls ed omsn;f re7 2 dp m&8Ii ,y# rlmna ;wt

_ __ _ ___ ___

sone anicrto//hsdc" srmesip2o@idi/sb/j-<>islj"ai.tatietiutc p s/t.c :, eni i.tww)0tna/sc mcolpr=cH>-aloyiildishttxo.tjtoe lonpae "Hboncrlm.sbpsle/sei toimn d o>dj wp>e a osnnt>cbe@a0ii u >ioh/ m/hb ,;g/en<< iru Hh ewojomt"wrhs(rnr""mf/re/g.>ap5jm.<=ios<