30% of Mortgages underwater- how's that Hope and Change working for you?

Discussion in 'Politics' started by JoeB131, Nov 8, 2011.

  1. JoeB131
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    JoeB131 Diamond Member

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    Meanwhile-

    Bottom Line - Nearly 29% of mortgaged homes underwater, report finds

    A whopping 28.6 percent of homeowners with mortgages owe more on their loans than their homes could sell for, according to quarterly data released Tuesday by Zillow, a real estate website. That's up from 26.8 percent in the second quarter. Home values declined only 0.2 percent from the second quarter but were down 4.4 percent year over year.

    The rising percentage of homes with "negative equity" or "underwater" status is due largely to how long the foreclosure sale process takes rather than home value fluctuations, said Zillow chief economist Stan Humphries. Prior to the "robo-signing" scandal around foreclosures that came to light in 2010, the negative equity rate hovered in the 21 to 23 percent range, but has been in the 26 to 28 range since due to added delays in foreclosure sales. While the rate of foreclosures is dropping, the time required for foreclosures to sell has lengthened.
     
  2. rdean
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    rdean rddean

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    That's what happens when you let right wingers move 70% of the mortgage market to Wall Street.
     
  3. uscitizen
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    uscitizen Senior Member

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    Ohh the House republican controlled, how is that hope and change workin out for ya?
     
  4. uscitizen
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    uscitizen Senior Member

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    What happens when credit is easy and homes become investments instead of homes.
    And mortgages are packaged and traded on the market.
     
    Last edited: Nov 8, 2011
  5. strollingbones
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    strollingbones Diamond Member

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    actually this is what happens when you create a real estate bubble.....the flipping and hiking of real estate prices has been going on for nearly 15 years.....you buy a house....do a few improvements and refi......with that refi money you could buy all kinds of personal property....so now you are not only putting your hopes in equity but you are burdening your mortgage with debts from personal property....it is a shame there are no fiance courses in high school....teaching people the perils of personal property debt and home mortgages....

    [ame=http://www.youtube.com/watch?v=TCyQOJxWOkA]Rickie Lee Jones: Easy Money - YouTube[/ame]
     
  6. editec
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    editec Mr. Forgot-it-All

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    And if things continue to work out as they appear to be working out?

    You can count on the number of homeowners with mortgages that are under water to continue to climb, too.

    The median home price is still TOO HIGH in comparison to the median income.

    WAY too high, I note.
     
  7. JoeB131
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    JoeB131 Diamond Member

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    Once again... most of the damage has happened on Obama's watch.

    Sorry, man, I get tired of the excuses. If he can't make things better, he needs to go.
     
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  8. strollingbones
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    strollingbones Diamond Member

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    so you focus on the ends and not the means? short sighted to say the least
     
  9. strollingbones
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    strollingbones Diamond Member

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    american consumers bear a lot of the blame.....the most my house payment has ever been was 375 bucks...and that seemed like a lot to me.....the rule of thumb i was taught......no more than 25% of your income should go to housing....
     
  10. uscitizen
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    uscitizen Senior Member

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    Not too bright are you?
    the housing bubble happened entirely on Bush's watch.
     

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