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Mortgages Cost More Than Home Value For 1 in 4

By
Real Estate Agent with Best Buyer's Broker Realty

Nearly a quarter of all homeowners are sinking under a mortgage that is bigger than the value of their home.

Even Worse, that figure could rise to as much as 30% by the middle of next year as job losses and foreclosures climb.

In the city, those who owe more on mortgages than their homes are worth climbed to 12.5% in the second quarter from 10.3% in the first three months of the year.

Homeowners are being hurt by price declines. The estimated median value for single-family homes slid 12% from a year earlier in the 10th consecutive quarterly decrease.

About 25 million homes, or 48% of mortgaged properties, will be underwater as prices drop through the first quarter of 2011, analysts at Deutsche Bank wrote in a report released recently.

 

 

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Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.

We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.

We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at http://bestbuyersbroker.com or http://bestbuyerbroker.com.

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Comments (1)

Team Honeycutt
Allen Tate - Concord, NC

It is a really bad situation when a mortgage is higher than the value of a home. If  an owner can keep their mortgage current perhaps the values will  begin to escalate.

 

Betty

Sep 01, 2009 07:14 AM