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:
- Nevada: 65 percent of home owners are underwater
- Arizona: 48 percent
- Florida: 45 percent
- Michigan: 37 percent
- 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.