U.S Homeowners Underwater - At Least 7.5 Million Drowning!
As reported by CNNMoney.com - "7.5 million homeowners 'underwater'":
At least 7.5 million Americans owe more on their mortgages than their homes are currently worth, according to a real estate research firm's report released Friday.
In other words: If they sold their homes today, they'd have to bring a check to the closing. Ouch.
Another 2.1 million people stand right on the brink, according to the report by First American CoreLogic. Their homes are worth less than 5% more than the mortgages they're paying on them.
Top Ten States - Most Underwater Loans:
Top Ten States - Fewest Underwater Loans:
Ouch is right! The housing correction, battering, unraveling, whatever you want to call it continues. If you're wondering what that bang was you just heard, it's the balloon. The air is no longer seeping out of the balloon, the balloon just exploded.
Labels: homeowners underwater, house worth less than loan, house worth less than mortgage, housing bottom, housing bubble
posted by PropertyQwest.com @ 4:20 AM
2 Comments
2 Comments:
Some what surprised to see Michigan number 2 on the underwater list. California, Florida, Arizona, and Nevada all make sense since their markets went crazy but Michigan was never in that category.
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