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Millions of U.S. Homedebtors Still Under Water on Mortgages

By Patrick following x   2018 Jun 3, 3:51pm 568 views   2 comments   watch   sfw   quote     share    


(Bloomberg) -- A staggering number of American homeowners remain under water on their mortgages a decade after the housing bubble burst.

Almost 4.5 million households -- or 9.1 percent -- owed more than their homes are worth in the fourth quarter of 2017, according to data firm Zillow, with an estimated 713,000 owing at least twice as much as their property’s value.

While the percentage is declining, families in communities with stagnant property values are “trapped in their homes with no easy options to regain equity other than waiting,” said Aaron Terrazas, a senior economist at Zillow.

That in turn could weigh on local economic growth.

Virginia Beach, Virginia; Baltimore and Chicago are the hardest hit metropolitan areas, based on effective negative interest rates.

Effective negative equity measures the lack of sufficient home equity to pay for the associated costs of selling homes and buying new properties.
1   rocketjoe79   ignore (0)   2018 Jun 3, 9:19pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Why, oh, why didn't these folks walk away from these properties? They could have rented, saved up cash, and then bought back in again after their credit rating recovered. /sigh
2   APOCALYPSEFUCKisShostikovitch   ignore (36)   2018 Jun 5, 2:54pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

The technical term for these people is ASSHOLES!

The Housing Trap
You're being set up to spend your life paying off a debt you don't need to take on, for a house that costs far more than it should. The conspirators are all around you, smiling to lure you in, carefully choosing their words and watching your reactions as they push your buttons, anxiously waiting for the moment when you sign the papers that will trap you and guarantee their payoff. Don't be just another victim of the housing market. Use this book to defend your freedom and defeat their schemes. You can win the game, but first you have to learn how to play it.
115 pages, $12.50

Kindle version available

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