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11.3 million homeowners underwater on mortgage
MarketWatch ^
| Feb. 23, 2010
| Rex Nutting,
Posted on 02/24/2010 2:58:14 PM PST by george76
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1
posted on
02/24/2010 2:58:14 PM PST
by
george76
To: george76
“In Nevada, 70% of mortgages were underwater.”
Some friends of mine in Reno just went bankrupt and dumped their condo. Approx. $50,000 underwater. He was laid off recently, too.
2
posted on
02/24/2010 3:01:50 PM PST
by
dynachrome
(Barack Hussein Obama yunikku khinaaziir!)
To: george76
These people wouldn’t be complaining if their homes would be worth MORE than they owe.
3
posted on
02/24/2010 3:02:31 PM PST
by
bergmeid
(Gas up the truck and pedal to the metal!)
To: bergmeid
Yes the banks weren’t complaining either when they were artificially inflating property values.
4
posted on
02/24/2010 3:05:29 PM PST
by
driftdiver
(I could eat it raw, but why do that when I have a fire.)
To: bergmeid
“These people wouldnt be complaining if their homes would be worth MORE than they owe.”
Wasn’t that what they used to call equity? :-)
C’mon home values will ALWAYS rise you know that....:-0
5
posted on
02/24/2010 3:05:29 PM PST
by
CommieCutter
("You wanted the presidency, you got it, now FIX THE DAMN ECONOMY!!!!" ----YankeeReb)
To: bergmeid
Good point. Mine is paid off but worth less now than two years ago. I doubt that will make the news.
6
posted on
02/24/2010 3:05:31 PM PST
by
pfflier
To: george76
Well,one thing’s for certain...the days of the 0% down mortgage are over.Which is fine by me,at least partially because the last time I applied for a mortgage the standard procedure was 20% down.
7
posted on
02/24/2010 3:08:10 PM PST
by
Gay State Conservative
(Host The Beer Summit-->Win The Nobel Peace Prize!)
To: pfflier
Because you are responsible - you need to pay more in taxes. It is only “fair” to everyone else and it is the “patriotic” thing to do according to Biden.
8
posted on
02/24/2010 3:08:24 PM PST
by
Frantzie
(TV - sending Americans towards Islamic serfdom - Cancel TV service NOW)
To: Gay State Conservative
Totally agree. These BS 1% or 5% down or nothing down and you get cash back nonsense plus ARMs with teaser 1% rates were a disaster waiting to happen.
9
posted on
02/24/2010 3:09:18 PM PST
by
Frantzie
(TV - sending Americans towards Islamic serfdom - Cancel TV service NOW)
To: george76
based on REAL world values the number is much worse.
It is just there are people still able to pay these outrageos mortgages. (as in fraud in the inducement based on bank mandates apprasals)
Banks no longer make public their home apprasal formulas.
10
posted on
02/24/2010 3:09:52 PM PST
by
longtermmemmory
(VOTE! http://www.senate.gov and http://www.house.gov)
To: george76
The effect of the real estate depression can extend well beyond the borders of the states in which the property is located.
Most of the distressed properties in my FL beach community are owned by Georgians. Most of them are from the greater Atlanta area. Several have been recently sold by banks for 10-15 cents on the dollar to the purchase price in 2005-2006. No kidding.
11
posted on
02/24/2010 3:10:40 PM PST
by
Jacquerie
(Support and defend our Beloved Constitution.)
To: bergmeid
neither would banks.
Their execs would be buying the homes fro their own use.
12
posted on
02/24/2010 3:10:50 PM PST
by
longtermmemmory
(VOTE! http://www.senate.gov and http://www.house.gov)
To: george76
More than 10% of people with mortgages owe 25% more than their home is worth. Which would only be a problem if they had a reason to sell soon... otherwise, it makes ZERO difference.
To: Gay State Conservative
My wife and I lived on noodles for a year to save the 20% down required to buy our first home.
Others can eat noodles too.
I don’t anymore.
14
posted on
02/24/2010 3:11:19 PM PST
by
TSgt
(RE-ELECT NOBODY - VOTE THEM ALL OUT!)
To: Jacquerie
You’ve got that right ,, beachfront is being dumped ,, the banks have to lay out real serious cash to pay insurance and taxes ,, they can’t afford it.
To: Gay State Conservative
I am gonna argue the other side of the coin. I wouldn’t want to put 20% down on a house now. I will go to whatever length the mortgage company wants to verify my income and credit ... but they are not getting 50 grand off me in this market.
16
posted on
02/24/2010 3:20:16 PM PST
by
dartuser
("Palin 2012 ... nothing else will do.")
To: Frantzie
As a "DINK" couple we have been "fair" for many years. We have gotten stuck on taxes every year because we do not qualify for credits people with children get. We also have had to endure the marriage penalty.
"Fair" sucks.
17
posted on
02/24/2010 3:21:33 PM PST
by
pfflier
To: dynachrome
Sorry about your friends.
Property taxes are still going up as house values are going down.
Worse next year.
18
posted on
02/24/2010 3:22:44 PM PST
by
george76
(Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
To: Gay State Conservative
I applied for a mortgage the standard procedure was 20% down.There are plenty of those underwater who did put down 20%. Unfortunately, the market went down 50%.
19
posted on
02/24/2010 3:26:02 PM PST
by
AmusedBystander
(Just when I think Obama can't get any worse, he surprises me and does.)
To: Cementjungle
Which would only be a problem if they had a reason to sell soon... otherwise, it makes ZERO difference.
Good point! I always figured people bought homes to live in them. Surely they can't have become so much less livable in so short a time.
For those who bought homes merely to sell them in a few years and make a profit, well that's a different story altogether. I haven't a drop of sympathy for SPECULATORS. The music stopped and you couldn't find a chair? Here's a dime. Call someone who cares.
20
posted on
02/24/2010 3:26:16 PM PST
by
LearsFool
("Thou shouldst not have been old, till thou hadst been wise.")
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