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Tuesday, November 08, 2011

Nearly 29% Of Mortgaged Homes Underwater, Report Finds

A whopping 28.6 percent of homeowners with mortgages owe more on their loans than their homes could sell for, according to quarterly data released Tuesday by Zillow, a real estate website. That's up from 26.8 percent in the second quarter. Home values declined only 0.2 percent from the second quarter but were down 4.4 percent year over year.

4 comments:

Anonymous said...

It only took 3 years for Obama to screw up this nation.

Anonymous said...

Yeah 11:38, it's not like the housing bubble had burst and the markets crashed before he came into office.

Anonymous said...

Robert Shiller, one of the guys behind the Case-Shiller housing index, is calling for another 20% drop in overall home values over the next 2-4 years. If such a drop occurs, well over 40% of homes with a mortgage will be underwater. This guy knows what he's talking about.

Anonymous said...

New home owners need to buy as conservatively as possible.An economical and fuel efficient car would also help.Aiming for a total expenditure of $1500 a month would not be beyond reason.$700 mortgage,$200 car payment,$300 utilities,$300 or so for food would do it if there were say 2 kids.That would be a good start up basic budget which would allow for additional $$ in an emergency fund.This approach would help soften the blow if home prices dropped further.