Nevada, Michigan, Florida lead 'underwater' list - Yahoo! News
Here's a shocker: almost half of Nevada homeowners with a mortgage owe more to the bank than their homes are worth.
Here's another: If you add in the homeowners like them in California, Arizona, Florida, Georgia and Michigan, together they account for nearly 60 percent of all homeowners who are "underwater" on their mortgages.
"There is a huge incentive to walk away from your mortgage," said Roubini, who has attracted attention for his gloomy — and accurate — predictions of the U.S. financial market meltdown. He gave no forecast for when the real estate market would bottom out.
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Unortunately no surprises there:no:
As for the housing values, in my area, of Santa Maria, California in 1998 the typical house was about $100,000. In the outlying, upper areas they ran about $ 200,000. By 2006 the values had run up to $ 350,000. in town, and $ 600,000 in the outlying areas. In the last 2 years they have dropped to $ 210,000. and $ 375,000. respectively. So, basicly anyone who bought in 2005/06 has lost significant value in the house. -
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They could probably get a great deal now bro.:wink2: Here is where the next phase of problems come in, you will have less tax monies for state, county workers, and city workers. This will make budget problems worse, which may entail more layoffs nationwide. The city I used to work in, Escondido, it was forecasting a 1.6 million deficit for the year, they are already at 5 million due to less items being sold, such as cars from there big auto center.
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thats where the problem is, my mom would have a hard time finding a job here.
Fin Fan In Cali likes this. -
You used to work in Escondido? Hell I used to play golf at Escondido Country Club all the time. I knew you were in SD, but I didn't know you were up the 15 towards where we used to live.
I think my old town is almost #1 in foreclosures. Temecula and Murrieta boomed after 2001 and all those tract homes were put in, couldn't believe it when I went back to visit.Fin Fan In Cali likes this. -
Well, on the bright side for young ppl like me looking to start a family in the next few years, it's going to be a good time to buy that first starter home (with a fixed rate, no more than 20 yr mortgage).:yes: I know my good friend has lost about 20k already on his new home he purchased in the past year-and-a-half, but some of that is partially due to the developer scamming his way through the housing problem here in FL.:mad: Definitely not going to go that route when I buy...:no:
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Yes bro they are bad in the Temecula area. Oceanside and Escondido were really bad on foreclosures. They have slowed down a bit, but may pick back up with the shape the economy is here.mnfinfan likes this.
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Sad to hear man, have quite a few friends still out there, some are ok, but more than a few that doing the old DeLaSoul and treading water.