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zombie homeowners: Deutsche Bank: Half of All Mortgages To Be Underwater By 2011 - 08/07/09 04:19 AM
According to a new report put out by Deutsche Bank, half, or approximately 25 million homeowners will be underwater with their mortgage by 2011, the year in which Deutsche Bank expects home prices to finally stabilize.
Les Christie and CNNMoney.com are reporting that the Deutsche Bank forecast goes further than any other estimates that have been calculated to date, "First American CoreLogic estimated 11 million homeowners -- and rising -- were underwater by the end of 2008. Moody's Economy.com estimated 15 million at the end of March and projected 17.5 million by early 2010. Zillow.com reported that 20 million were already underwater at the end of … (61 comments)
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zombie homeowners: Moody's: 15.4 Million Homeowners Are Under Water - 05/17/09 12:35 PM
According to Moody's, 15.4 million homeowners are currently under water; this number is up from an estimated 13.6 million at the end of 2008 and it appears that the number will continue to rise over the next couple of years.
Contrary to CNBC's Jim Cramer and Larry Kudlow, the housing market is not nearing a bottom, in fact, nationally speaking the housing market is no closer to a bottom than it was last year. What this means is that based on the ongoing supply and demand imbalance for housing due to rising foreclosure rates caused by a deteriorating job market and weak demand, there is every indication … (5 comments)
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zombie homeowners: The Future of Real Estate: Zombie Homeowners - 03/29/09 02:12 PM
As home values continue to decline and government efforts continue to grow in order to keep families in their homes, the landscape of homeowners is beginning to look more and more like zombies.
According to wikipedia, the term zombie bank was originally coined by Edward Kane in 1987 and describes the phenomenon in which a, "financial institution with an economic net worth that is less than zero, but which continues to operate because its ability to repay its debts is shored up by implicit or explicit government credit support."
Translated into the housing market, the number of people that find themselves under water (owing … (5 comments)
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Mark MacKenzie
Phoenix,
AZ
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Mark MacKenzie Real Estate Planning
Office Phone: (480) 600-0330
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