Skip to comments.41 percent of metro area single-family homes believed 'underwater' (MN)
Posted on 05/12/2010 12:09:01 PM PDT by WOBBLY BOB
More tough news for Twin Cities metro homeowners surfaced this morning as home values in the Minneapolis-St. Paul metropolitan area slid 4.6 percent in March from a year ago. More troubling, the real estate website Zillow.com calculates that more than 268,000 Twin Cities area single-family homeowners with mortgages owe more than their homes are worth. That number is about 41.2 percent of the total. That compares with an estimated national average of 23.3 percent of single-family mortgages with negative equity, according to the report.
(Excerpt) Read more at minnpost.com ...
I’m one of those people who owe more than what their house is worth in MN (not a lot more), but I can afford it with my 5% fixed interest rate.
It seems the name “Land of 10,000 Lakes” seems right. But that’s just me, of course
The DFL and Larry Pullmyfinger will somehow see this as another reason to raise taxes.
I’m in your same boat.
It’s those dam beavers again!................
My eyes are tired.
Thought the headline said “metro single family homos”.
No worries... the queer senator frankendick will save you all.
metro single family homos...
those get special refinancing options due to being oppressed.
seriously...what is this BS that investments always have to work out or homes always have to be in the plus side of the investment???
When my mutual fund account was “underwater” where was my relief???
You primarily buy a house to live in- if you buy it primarily for an investment then be prepared to live with the consequences of an up and down market...
I bought my first condo in 1990- three years later it was worth 50% of what I paid for it....fourteen years after that when I finally sold it I made a 50% profit...
Planning on sticking here until after the markets correct or CWII starts, whichever comes first.
I’ve always looked as my house as a shelter, not an
ATM or “investment”. It’s not pretty to look at ,but I put on a new roof 2 years ago and new windows last year and they both seem to work well.
Hey....Whoa...do you see the President sweating? Is he worried? Why then are you worried? He has it all under control, believe him. It’s all about Change. You’re going to get just what he always wanted. Ha! They’ll just send 45 billion dollars to your banks and buy more time. Nothing to worry about, keep whistling, keep the zippity doo dah song on your 8 track cassette.
You hit on an excellent point, JPG. An “underwater” home is only a problem if the owner/occupant needs to sell it in a hurry. There’s no doubt, though, that owing more money than your home is worth sure deprives a homeowner of a lot of flexibility in managing their finances.
unless you are in your 60’s and using the equity in your house as part of your retirement vehicle, home investment of a primary residence is one of the most overrated and dangerous “investments” in the market...
I agree with the idea of a home as a potentially dangerous form of investment.
The reason is simple, most people use debt to buy one.
Unlike stocks or mutual funds, most people invest in them using cash, not debt (yes, some use margin, but most don’t).
Using debt to start any kind of investment, dramatically ups the risk factor.
I also agree with the posters who suggest a home is a place to live and not something to trade or speculate in.
When you buy a home, live in it for years and then retire, if the homes value has appreciated, then you have another asset to assist you with. But if not, you still have a place to live.
Just my two cents.
shouldn’t Obama be touring this disaster?
How many of these people took out HELOCs or refinanced and cashed out their equity? They never want to mention that. I’m betting a significant number fall into one of those categories.
Are there really 10,000 lakes in Minnesota? It’s a beautiful state.
So just tax them some more to pay for baseball stadiums and NPR. That’ll fix it!
the actual count is 11,842 lakes (give or take a few man-made fishing holes)
“How many of these people took out HELOCs or refinanced and cashed out their equity”
Very good point. Periodically the network news will have some story about a typical American who is underwater on their house. Many of the people featured had taken out home equity loans...but its not their fault because nobody told them the risks.
A very beautiful state!
then we’ll all be drinkin free Bubbleup and eatin obama stew...
A very beautiful state!
Indeed. It’s like Michigan without Detroit, the UAW or Michael Moore.
Uff Da!! That’s gonna leave a ring at the new TCF hottub.. uhh field..
Nonsense. Maybe 40th on the list of beautiful states. No mountains. No oceans. A few forests up north surrounding muddy brown lakes teaming with predatory insects. Big deal. The southern half is completely featureless. Then there's the climate. Fine place to live, for reasons unrelated to beauty, but I wouldn't want to visit here.
Mosquito Heaven! I grew up smack dab in the middle of lake country..
Gimme winter and ice a foot thick, I’d be OK with that. You can have the bugs. 8-]
Hey now! Glacialogists love the state! Lots of stuff to study.. and shoot at.
Minnesota mosquitoes can’t be worse than those we suffer from Down East. Those monsters sharpen their beaks with hand axes before hunting for human flesh.
Sorry, but I’ve traveled through all 57 states, with the exception of Montana, Hawaii, and Vermont, and Minnesota is in the God’s aesthetic top ten, that I can see. And insects don’t affect me, since I grew up in the salt marshes of coastal North Carolina. Perhaps that’s why Minn. looks better to me?
“So just tax them some more to pay for baseball stadiums and NPR. Thatll fix it!”
Indeed! I’m having trouble believing this whole story is not a hoax! After all, Minnesota is a socialist paradise. This sort of thing can’t happen there.