For a glimpse into the state of the current housing market, the Wall Street Journal is reporting today the following grim stats:
“The proportion of U.S. homeowners who owe more on their mortgages than the properties are worth has swelled to about 23%, threatening prospects for a sustained housing recovery.
Nearly 10.7 million households had negative equity in their homes in the third quarter, according to First American CoreLogic, a real-estate information company based in Santa Ana, Calif.
More than 40% of borrowers who took out a mortgage in 2006 — when home prices peaked — are under water. Prices have dropped so much in some parts of the U.S. that some borrowers who took out loans more than five years ago owe more than their home’s value.”
The full article -
http://online.wsj.com/article/SB125903489722661849.html?mod=WSJ_hps_LEADNewsCollection
