Wednesday, May 6, 2009

Underwater Houses

Interest Rate Roundup details: is out with the firm's latest report on "upside down" homeowners -- those who owe more than their homes are worth. The real estate data company estimates that 21.8% of U.S. homeowners are now underwater on their mortgages, up from 17.6% in the fourth quarter of 2008.
One unfortunate example is San Diego:

The average purchaser of a home in the area between 2004-2007 is underwater by an average amount of $40-$80,000.

The result is of course foreclosures, which led to the "improvement" in existing home resales.

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