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

By Patrick following x   2018 Jun 3, 3:51pm 675 views   2 comments   watch   nsfw   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 (38)   2018 Jun 5, 2:54pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

The technical term for these people is ASSHOLES!

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