If you look at the data, about 49 percent of homeowners have one measure of vulnerability: high debt payments, high levels of variable interest rate debt, a very high leverage, they own very little of ground homes or they own very little outside of their homes.
Now that Italian Prime Minister Berlusconi has caved in on calls to raise the capital gains tax, wealth taxes and VAT taxes, the European debtvariable likely holds more pain ahead as the on-going anti-growth fiscal bias on the continent will lead to slower growth and falling government tax revenues as a result.