Are You Trying to Live Underwater?

By
Real Estate Broker/Owner Texas License #590301

One-Fourth of Borrowers Are Underwater? 

Did an iceberg melt? 

If you owe more for your house than you can sell it for...this means you.

How can we learn to swim with the dolphins?  Silly picture, but very serious situation.

 A recent article in the Wall Street Journal, Ruth Simon and James R. Hagerty (11/24/2009) and reprinted in the REALTOR Daily Real Estate News  November 24, 2009  reported that more than 23 percent of people with mortgages owe more on their properties than they are worth.

The majority of underwater mortgages are in:

  1. Nevada: 65 percent of home owners are underwater
  2. Arizona: 48 percent
  3. Florida: 45 percent
  4. Michigan: 37 percent
  5. California: 35 percent

Texas does not appear anywhere near to top of this list.  All of us in Texas should be thankful that the housing crisis is not having such a devasting affect on us, but be mindful that our neighbors in other states are struggling.

Comments (2)

Charles Perkins
Charles G. Perkins, CPA - Burien, WA

Sad to hear that so many homes are underwater.  It is no wonder that some are advocating walking away from these homes.  Which would have huge ramifications to it.  Might make a good blog topic.

Dec 01, 2009 05:06 PM
Barbara Birinyi
Quitman, TX
TX Real Estate Broker - Horse Property Specialist

Charles,  Just edited this post (January 2010).  Unfortunately, the housing situation doesn't seem to be getting better quite yet.  Hope the CPA business is doing well.  Happy New Year to you and yours.

Jan 21, 2010 05:59 AM