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1 in 6 homeowners is underwater!


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Old 10-08-2008, 05:30 PM
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Default 1 in 6 homeowners is underwater!

Holy Crap! 1 in 6 homeowners is underwater! This is not good! It makes you wonder how that number will increase as this economic situation wears on.

How has this been effecting your area?

1 in 6 now owe more on their mortgage then their property is worth - The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, raising the possibility of a rise in defaults the very misfortune that touched off the credit crisis last year.

The result of homeowners being "underwater" is more pressure on an economy that is already in a downturn. No longer having equity in their homes makes people feel less rich and thus less inclined to shop at the mall.
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