Article Image
News Link • Housing

Homeowners Drowning in Negative Equity

• CNBC.com
 
Falling home prices put more borrowers in a negative equity position, that is owing more on their mortgage(s) than their homes are worth. We call that "underwater," and for good reason, because for some borrowers that sense of drowning in debt has profound implications. Today Zillow.com reported a new high in negative equity: 28.4 percent of single family homes with a mortgage (remember, 32 percent of all homeowners do not have a mortgage). That's a national average, but the numbers are far worse in some of the nation's big metros. Atlanta, for example, has a 55.7 percent negative equity rate. Denver, 41 percent, Chicago nearly 46 percent. This is on top of all the foreclosure hot spots like Phoenix, where close to three quarters of all borrowers are underwater. Why should we care if it's all on paper? "Higher rates of negative equity are creating a lot of latent vulnerability in the housing stock, where if the household then encounters some economic shock, like the loss of a job or divorce or death, then that household is much, much more likely to go into foreclosure,"

3 Comments in Response to

Comment by Lefkothea Petkopoulos
Entered on:

 Hello Pure Trust.

Thank you for taking the time to read my comment .

Im sorry i did not reply earlier,i have found  so much more about this insane situation

&open a can of Worms!

I do not think most people understand the Magnitute of the Problem,it is unbelivable!

I was hopping to hear from the reporter of this Article.

I will follow your tags.

Thanks.

 

Comment by Ed Price
Entered on:

Florina 


"i will go to AG Az," might be a step in the right direction.

See Freedom's Phoenix comment at: http://www.freedomsphoenix.com/News/089511-2011-05-10-6-5-trillion-lost-one-house-at-a-time.htm.

See, also:

http://www.teamlaw.org/land.htm/

http://www.theamericanrepublic.com/

http://www.dueprocess.org/

http://www.writeitoffonline.com/


Comment by Lefkothea Petkopoulos
Entered on:

Zillow sucks,they published my house w/out my permition ,they have the wrong Addr,wrong number,sqr ft &a bogus number.

What zillow is doing is ctiminal!!

Since a bought it in 2007, i been trying to refi w/4 banksters ,witch they turn me down because of zillows wrong publication.

None of them show me the house on there pc so i could tell them that ,it was not my house,it was the small one accross.

Zillo try to Blame Pinal County,Pinal is blaming Zillow &google.

I went to Pinal for them to STOP Giving the wrong info an SO SO nany Marketing Corps &so many others&correct it.

Pinals accesor came the next day to remesure,he still had on his official document the Bogus Address ,they made few laps on the street to find thmy house.

They told me that,they know that the house next to me was smaller than mine ,But they Were not going to chang any thing.

Im getting Swred by all of the.

when i enter my addrs the house across the str comes up,that house is only 1246sqr ft,&mine is 1765qsr ft.

The bankters go to zillow they all told me,zillow said they are not  to .but they do.

Zillows Greedy neglegent publication is also causing problems w/prospective buyers ,by showing the small house instead of mine.

There neglegence is affecting the whole street &the develpoment,&the rest of the housing mark.

How?banks have the wrong house,that effects there apprasal,because of one house.,mine in this case.

Or maby the Bankstrs are using Zillow to ,knowing they are unreliable so they Disriminate Openly!

Weth all the mess of the housing market,&from my experience, they have destroy my chance to refie or sale my house because im Sunked in Preditore loan by the Greedy Nova home loans &my realtors that convince me not to byusimess w/Dhi that had me approver for  30yrfixed rate,but go w/this so called nice guy nxr door,so i trust them,as most of us do.

In other words one of my neighbors refie fecently,they had to come up w/more money because they are not showing the higher price house for the owner to get a higher Apprasal on there house&it goes on.

On 4/15/11.i told them that i was trying refi & they blou it for me,now im trying to sell my house,&they are killing me again!

I complait to then  3 reps of Zillow on 4/15/11,i even threaten that i was going to report them to AG.Gov &,send them a long letter.

all 3 sound panicked,they knew exacley how much Damage they have cost me wile the are raking the proffits as most Big Corporate!!

Amazingly they said that, any one can click on Edid &they can do that to you.or you can edit your self.

Ok then ,i asked them how edit my house,when,they said i had to edid my house first then thy would know.

It sound to me like sh....,i told them they are going to do it,i will not go to there listings they get blaimed.

I asked them to remove my house emediatly,Nothing so far.

Pinal County has done othing ether.

 Zillow is a dritractive forse,buyer aware chack your info wZillow.

i will go to AG Az.

 

 


Join us on our Social Networks:

 

Share this page with your friends on your favorite social network:


http://freedomsphoenix.thinkpenguin.com/