Millions of Homeowners Underwater

by James & Miel on March 4, 2009 · 0 comments

Hi All,

It’s Wednesday. The big news this morning is that millions of Americans are underwater. According to Bloomberg is reporting that nearly 8.5 million American households own more on their mortgage than their homes are worth.

Here is an excerpt from the article.

An additional 2.2 million borrowers will be underwater if home prices decline another 5 percent, First American, a Santa Ana, California-based seller of mortgage and economic data, said in a report today. Households with negative equity or near it account for a quarter of all mortgage holders.” (here).

Of course, the upside to all of this is that its looking like a great time to buy real estate. Prices are significantly down off their highs from 2006. In particular, foreclosures are particularly affordable these days. This might be a great way to build your wealth because of the almost guarentees that the market will go up eventually.



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