http://www.stocktiming.com/Wednesday...rketUpdate.htm
"This morning, zillow.com reported that 28.9% of home owners are under water on their mortgage.
That means they can't sell without making up the difference between the current home value and what they owe on the mortgage. If they don't have the money, they can't sell without forcing a foreclosure. They are stuck, and that freezes a lot of property from going into the market.
Two things could happen in the next 6 to 12 months ... some of these people may not be able to keep paying the mortgage which would then go into default. The other thing is that some of these people will just "walk away" from their home. Data suggest that when a home owner is 25% to 30%+ under water, they have no future hope and they "walk away" from the house and let the bank have it.
The zillow report fits with a recent Federal Reserve's Report that said: "most U.S. banks expect loan delinquencies and losses to increase this year. Why didn't that make the headline news?"



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But our market's gone up too. I guess Rudd's $900 cheques are working miracles.

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