One in five homeowners owe more on their mortgage than their home is worth

By
Real Estate Agent with Brokered by eXp Realty LLC SL # 3014652

One in five homeowners owe more on their mortgage than their home is worth.

I'm wondering if this is something new the media figured out are these are accurate figures.

Reuters is reporting this story and you can read the rest of the story >>>HERE

For more information please contact Neal The Real Deal Bloom-CRS-Realtor® /Remax

 Remax Real Estate Weston Florida                                                                                        Weston Realtor(R) Neal Bloom-copyright 2007

2500 Weston Road ,Suite 103

Weston FL 33331

(954)608-5556

Neal Bloom-CRS copyright 2008

 

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Weston FL Homes For Sale
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short sales

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Ambassador
534,676
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Neal -  Interesting.  I would like to know more of the specifics on what went into gathering these stats but I will check out the article in full.  I will say that as long as their mortgage payment remains affordable to them, consumers shouldn't lose sleep about their equity position just yet.  The long-term benefits of owning Real Estate is historically a financially sound decision.

Oct 31, 2008 07:44 AM #1
Rainmaker
413,305
Lisa Heindel
Crescent City Living LLC - New Orleans, LA
New Orleans Real Estate Broker

Neal, what I found most interesting was the data is based on 43 states and Washington DC.  What states did they leave out?  Were they areas where this trend was not supported?  It's incomplete statistics like these that make me nervous - consumers take them to heart without realizing that their own community may be experiencing the opposite of this "trend".

Oct 31, 2008 08:04 AM #2
Rainmaker
594,298
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

Jason,

You could be right but it still makes it hard for us to sell property if they can't afford to keep it.

Lisa,

I agree there is a possible error in how accurate it is but you know how the media is...but the funny thing is I knew this news two year ago or I wouldn't be doing these short sales.

 

Oct 31, 2008 12:25 PM #3
Rainer
23,022
John Bethell
John Bethell Title Company, Inc. - Bloomington, IN

Neal, I saw this too. As per usual, the headline is not exactly what the story is about. Most of the problem is in the same 5 or 6 states. CA, FL, AZ,NV, MI, OH. The rest of us while not setting the world on fire, are not so upside down either.

Nov 01, 2008 01:42 AM #4
Rainmaker
175,187
Richard Stabile
Re/Max Real Estate Limited - Oradell, NJ
Bergen County New Homes Builder Realtor

Neal:

If Mr Obama gets in more then double the problem. He wants to do away with the sales exemption. 28% dollar one, which will force people who refinaced to be short sale after taxes.

Richard

Nov 01, 2008 02:34 AM #5
Rainmaker
325,921
Esko Kiuru
Bethesda, MD

Neal,

That looks like a national average. In Vegas the number is said to be around one in three which is scary. That number probably applies to some other hard-hit areas, too.

Nov 01, 2008 09:25 AM #6
Rainmaker
594,298
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

Pretty incredible news but not something I'm surprised to see...numbers are still very high.

Nov 03, 2008 12:42 PM #7
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Rainmaker
594,298

Neal Bloom

Realtor CRS-Weston FL Real Estate
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