Posted on 03/17/2015 9:38:51 PM PDT by george76
Some 5.4 million homes, or 10.4 percent of all homes with a mortgage, were still in a negative equity position, or "underwater," in the fourth quarter of 2014, according to CoreLogic, as their owners owe more on the mortgage than the home is currently worth. This is down considerably 18.9 percent, from a year agobut it still keeps these borrowers from putting their homes on the market, because they would lose money. ..
Additionally, of the 49.9 million U.S. homes with a mortgage, approximately 10 million (20 percent) have less than 20 percent equity, and 1.4 million have less than 5 percent, according to CoreLogic. These homeowners also would have a difficult time selling because not only would they lose money in the process, but they also might not qualify for a new mortgage.
(Excerpt) Read more at cnbc.com ...
I kind of thought we were.
I am not so heartless I am going to morally condemn people who can’t pay their mortgage and have to walk away.
But I have no problem with condemning someone who has overspent, not managed their money or lifestyle, or uses this “walk away” strategy to simply go up the street and get another loan.
Yep, does not make sense.
What’s behind the scenes?
Well put; if parents are just going to be chastised if they lose their jobs (because they can’t provide for their children), then they’ll stop having children...and that is exactly what has happened.
I like Rush as an entertainer, but as for practical advice remember you are listening to a multimillionaire; he can say whatever he wants with no consequences. I wish him well, and am sure he’s smart enough to understand why practical people can’t do as he says...
Who put a gun to their heads and forced them to buy the house?
Interesting info.
I’ve read books about the meltdown talking about guys who were making 8 bucks an hour in a California car wash getting one week of training and becoming mortgage officers making 10 grand a month.
And they were writing half million dollar loans to illegals making 8 bucks an hour.
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