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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.
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4 comments:
It only took 3 years for Obama to screw up this nation.
Yeah 11:38, it's not like the housing bubble had burst and the markets crashed before he came into office.
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.
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.
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