While depressed property values can hurt large investors, they are potentially devastating for homeowners, whose equity - in many cases representing a life's savings- can plunge or even disappear

a. they are potentially devastating for homeowners, whose

b. they can potentially devastate homeowners in that their

C. for homeowners they are potentially devastating, because their

D. for homeowners, it is potentially devastating in that their

E. it can potentially devastate homeowners, whose


I was able to get to the answer based on eliminiation of others. I am not very convinced by the OG eplanation that "they" in A refers to "values".

I thought that "they" could be investors or values, but none of the other answers were correct I choose A.

Can anyone explain, how They refers to values?