A story that has been getting alot of media attention lately is the impact on homeowners of owing more on there homes than the home is worth. Usually referred to as being "underwater", this financial situation is becoming a serious problem throughout the country.
It has led directly to the explosion of short sales and voluntary foreclosures and indirectly to the drop in consumer sentiment and a pull back in the American consumer's appetite for spending.
I was lucky enough to interviewed by Stephanie Dhue of Nightly Business Report yesterday and the segment ran yesterday on PBS nationwide. It is the second segment in this video.
Here are several stories regarding underwater mortgages.
The report from Deutsche Bank thatunderwater mortgages will hit 48%. This was quoted in the NBR report.
An in depth report on the effect of underwater mortgages and foreclosures by CoreLogic.
Report that currently 1 out of every 4 mortgages in America is underwater.
Great coverage, Tony!
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Posted by: Account Deleted | September 03, 2009 at 09:49 AM
How incredible to be interviewed like that. You have a lot of great things to say and I will keep following your blog. Thank you for the links to the reports.
Posted by: DFW Cash for Homes | September 30, 2009 at 03:18 PM
Great blog, very informative.
Posted by: Amanda Cluett | February 27, 2010 at 12:48 AM
Great post. And a superb video. Thanks tony!
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Posted by: Hialeah Property | May 11, 2010 at 07:55 AM
I keep hearing about people who don't want to pay their mortgage because they owe more than the house is worth. Why does this matter? If you continue to make the payment at some point in the future the house will be worth a lot again. This is no different than a car loan. The minute you drive it off the lot you're underwater because it loses value.
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Posted by: mortgage chattanooga | November 01, 2011 at 02:09 AM
very Interesting! In the Uk we call this situation "Negative Equity". It is common with first time buyers who purchased property in 2007 which was infact over valued. This has caused us a massive stalling point in the Uk housing market and is still a problem right now.
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