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More than one in five homeowners underwater
Reuters ^

Posted on 05/06/2009 6:35:14 PM PDT by traumer

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To: Texas Eagle

My bro refinanced 3 times to cover his credit card debt, each time he just ran his credit cards right back up to the max, and the third time, I told him that when he’s $20,000 back in debt, he’ll be right back where he is today with no wiggle room in the budget, and he did that too


21 posted on 05/06/2009 8:06:07 PM PDT by Son House (Make A Bad Situation Worse, Raise Taxes, Increase Government Spending, Thanks Øbama)
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To: maica

Two years from now they will be underwater as well.


22 posted on 05/06/2009 8:07:51 PM PDT by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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To: driftdiver
For several years here in central Florida there were bidding wars for homes. Walk away without making an offer and you lost the house.

Yes and it was all BS, did they us Vaseline!!

23 posted on 05/06/2009 8:10:28 PM PDT by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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To: traumer

so 20% are in over their heads eh — that figure don’t sound logical to me.............


24 posted on 05/06/2009 8:28:38 PM PDT by yldstrk (My heros have always been cowboys--Reagan and Bush)
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To: traumer

Take a deep breath and drown or pay your mortgage and shut up!!!


25 posted on 05/06/2009 8:44:11 PM PDT by dalereed
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To: rsobin

I am guessing you don’t live in Phoenix... according to the tax man, my house among most of the rest of Phoenix has lost over half it’s value in a year, from $142k to $53k... I can buy a house in my neighborhood for less now than I did 14 years ago...


26 posted on 05/06/2009 11:54:59 PM PDT by AzNASCARfan
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To: Son House
How about bad judgement?

I remember in the old days when a bank's appraiser would veto a mortgage if he determined that a house was overpriced for the market. And that's why, in part at least, people had the feeling that the bank wouldn't "give them the money" if the house price was way out of line with prevailing prices.

As we all know, that kind of stuff stopped at about the same time that people actually had to qualify for a mortgage and put 20% down.

27 posted on 05/06/2009 11:57:00 PM PDT by kittykat77
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To: Son House

“and there are many times when some obviously should have walked, think of those who found a place they ‘just loved’ and couldn’t walk away from, whose fault is that?”

You don’t understand, this was even happening at termite infested hovels in the inner city. It wasn’t about the ‘dream home’ it was about having a home period.

“I’d guess there are still small towns that real estate would be priced cheaper, or they could buy a piece of land and get a trailer house, there’s options.”

I can tell you don’t live here. Any place within 50-60 miles had the same thing. Sure you could save some by going that far away but everyone else had the same idea.

I like how people like you always focus on the buyer and call them scumbags, while ignoring the blatant fraud in our govt and the banking industry.

amazing


28 posted on 05/07/2009 3:24:41 AM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: AzNASCARfan

“I can buy a house in my neighborhood for less now than I did 14 years ago...”

Same here, and the banks are liquidating their property’s driving the price even lower.

Except you won’t find a home here (tampa) for $53k, the low end is the $140k.


29 posted on 05/07/2009 3:27:14 AM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: Son House

>>and there are many times when some obviously should have walked, think of those who found a place they ‘just loved’ and couldn’t walk away from, whose fault is that?<<

Part of it depends on why you bought the house.

If its for speculation or non-speculative short term use then walking away may make sense.

But I bought my house for wife and I to live for at least 20 years to start and raise a family. Our monthly payment is a bit less than our rent was and so the market value of the house doesn’t make that difference to me.

Not to say I won’t be sad if we go underwater but it won’t have significant practical effects.


30 posted on 05/07/2009 3:29:43 AM PDT by gondramB
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To: driftdiver

I wasn’t trying to make a blanket statement, I understand there are some circumstances that would force the buyer to choose, but in most parts of the country that wouldn’t be the case. And your right, I know little of central Florida


31 posted on 05/07/2009 10:00:29 AM PDT by Son House (Make A Bad Situation Worse, Raise Taxes, Increase Government Spending, Thanks Øbama)
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To: driftdiver

Yep. Every situation is different. I spent 20 years of my life moving from pillar to post.

And then I settled down, raised a family and stayed put. It was timing, as well as common sense. :)


32 posted on 05/07/2009 4:59:37 PM PDT by Diana in Wisconsin (Save The Earth. It's The Only Planet With Chocolate.)
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To: Graybeard58

“Well, co owning it along with the tax assessor.”

No kidding! :)


33 posted on 05/07/2009 5:00:20 PM PDT by Diana in Wisconsin (Save The Earth. It's The Only Planet With Chocolate.)
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To: dawn53

“...so they now owe more than their house is worth.”

Yep. It happens. There’s a lot to be said for living in the Boring Old Midwest, where the housing market has been stable, as well as the job market...up until now.

I’m glad I’m not selling in this market. Buying? That’s another situation altogether. You can get some real steals around here if you’ve got the cash and credit to do so.

This is the 5th house I’ve owned. I always had a farm in mind, and that’s what I was working toward when I was painting, wallpapering, sanding floors, laying tile, etc. I never would’ve been able to fix them up and flip them to my advantage in any other housing market than here in the Midwest.


34 posted on 05/07/2009 5:04:26 PM PDT by Diana in Wisconsin (Save The Earth. It's The Only Planet With Chocolate.)
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