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News Link • Housing

7.5 million homeowners 'underwater'


2 Comments in Response to

Comment by Ron Moss
Entered on:

To identify terrorists you must recognize their accomplishments. This is one. Andrew Jackson had them identified, back in 1835, warned us not to trust them again. Today we pay $1.2 Billion in interest a day. Another war or two might satisfy their needs. Shall we apease them or Vote Baldwin? 60% of the Voters could do it. Baldwin.

Comment by Brock Lorber
Entered on:
**QQ**Negative equity has contributed much to the soaring increase in foreclosures over the past year.**QQ**

Which is exactly the reason you see abandoned brand new cars littering the shoulders of roadways across the country.

You don**Q**t? But, tons of cars roll off the lot each day that are underwater immediately. Therefore, according to CNN, that must contribute to repos. But, if they**Q**re going to have to repo the car, why do dealerships sell them in the first place?

Negative equity is not a problem. Make your payments and suck it up even as the folks who didn**Q**t buy houses in this last run buy next door.

The problem is life changes and loans people took based on the unrealistic, unhistoric notion that real estate always goes up. When you can**Q**t keep current on the payments, debt/equity is irrelevant, as anyone who deals in pre-foreclosures can attest.

It**Q**s disingenuous to say that the same people who take neg-am loans would abandon their homes when they become neg-equity.

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