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    Fewer homeowners are underwater on mortgages

    June 10, 2011

    The number of homeowners underwater on their mortgages in the United States declined slightly during the first three months of the year.

    The decline in the number of borrowers owing more on their mortgages than those properties are worth occurred despite falling home prices, which plunge borrowers underwater.

    Those price declines are being offset by a pickup in foreclosure sales, which take underwater homes off the market, said Sam Khater, an economist with research firm CoreLogic of Santa Ana, Calif., which released the data Tuesday.

    "We are treading water," Khater said.

    The data showed that 10.9 million homes with a mortgage, or 22.7 percent of such properties, were underwater at the end of the first quarter. That was a slight decline from 11.1 million, or 23.1 percent, in the fourth quarter.

    Nevada had the most mortgaged homes underwater, 63 percent, followed by Arizona, 50 percent; Florida, 46 percent; Michigan, 36 percent; and California, 31 percent.

    Las Vegas led the nation with a 66 percent negative equity share, followed by Stockton, Calif., 56 percent; Phoenix, 55 percent; Modesto, Calif., 55 percent; and Reno, Nev., 54 percent. A report by the Los Angeles Times last week found that in some parts of the Las Vegas metro area more than 80 percent of homes were underwater, severely limiting mobility and economic opportunity in the region.

    Home-equity loans also are contributing to the negative-equity problem, CoreLogic said. Thirty-eight percent of borrowers with second mortgages were underwater, compared with 18 percent of borrowers without home-equity loans.

    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

    #2
    i always wonder how they calculate this information. I think the figures are much higher. Liberal propaganda to make people things are getting better, when were actually headed for a double dip
    Stopped Paying CC's 2/2009. Retained Attorney 1/10/2010 Filed 1/23/2010. Discharged 5/19/10 $187K CC, $240K 2nd,$417K 1st, No asset Ch-7

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      #3
      I am guessing they only look at first mortgages and ignore seconds.

      Comment


        #4
        i don't know what they are looking at???? i also thinks it's propaganda, and "they" are just keeping the real numbers on this situation just as the government is not giving us the real numbers on unemployment.
        8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

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          #5
          a comedic missive, right? In Vegas, almost 90% of the homeowners are underwater. And it's all lies because home prices have slid to the 1970 levels not 2000 levels...

          Comment


            #6
            Originally posted by bladerunner View Post
            a comedic missive, right? In Vegas, almost 90% of the homeowners are underwater. And it's all lies because home prices have slid to the 1970 levels not 2000 levels...
            i think that figure of 90% is far more accurate. but will we EVER know??? and your point about 1970 as opposed to the 2000 levels is far closest....just do a 10 year evaluation at zillow.com...not that they are perfect accurate as well, however, those stats are at least based on actual costs and sales in most cases.
            8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

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              #7
              I, for one, believe the article to be bogus. I have found that 60% of all statistics are just made up and based only loosely on facts. But if you re-read the first paragraph of the article, they are not saying that it's "really" low. They are just saying it's "lower" than before. That could be just 1 less underwater home, and you could, technically, have the following title:

              "Reports show decline in underwater homes, nationwide!"
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog

              Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

              Comment


                #8
                Originally posted by justbroke View Post
                I, for one, believe the article to be bogus. I have found that 60% of all statistics are just made up and based only loosely on facts. But if you re-read the first paragraph of the article, they are not saying that it's "really" low. They are just saying it's "lower" than before. That could be just 1 less underwater home, and you could, technically, have the following title:

                "Reports show decline in underwater homes, nationwide!"
                i as well think it's not only bogus, but those reporting this type of "news" should reveal their REAL sources and i agree, i'm certainly that are based on FACT. "they" are just attempting to make us, i believe, that things are getting better than they truly are.
                8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

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