Skip to comments.Americans' equity in their homes near a record low (worst since WWII)
Posted on 06/09/2011 10:12:16 AM PDT by nhwingut
WASHINGTON (AP) -- Falling home prices have shrunk equity so much that the proportion of their homes that Americans actually own is near its lowest point since World War II.
The Federal Reserve says average home equity plunged from more than 61 percent at the start of 2001 to 38 percent in the January-March quarter this year. That drop comes as home prices in big metro areas have reached their lowest level since 2002.
(Excerpt) Read more at finance.yahoo.com ...
Conversely, my small farm in central Kentucky that closed in August of 2009 is worth more than I paid for it. I know because I am in the middle of a refi.
Well then Im glad I completely own my house out right...
There was a story this week about farms being the newest cool thing in investing.
How’s that “Hope and Change” working out for everyone?
>>There was a story this week about farms being the newest cool thing in investing.<<
Well, mine’s only 13 acres. ;) And I use the word “farm” loosely. So far we’ve only grown a couple of calves, though we do get over 500 bales of hay off it every year. If I can get there permanently we’ll have a huge garden.
But the payments are lower than my friends time-share payments. :)
Thank you Omama
Once home prices began their inevitable decline a few years ago, is it any wonder that there is so little equity left in the market?
“There was a story this week about farms being the newest cool thing in investing.”
Farm LAND that is bought with the goal of flipping it later, OR an actual working farm that one is planning on working himself?
If the latter, one had better have some real agricultural knowledge before partaking in the next “cool” investing trend.
Our home has been underwater for the last three years and there is no sign of it getting better. Thankfully we don’t plan on selling.
It’s going to go a lot lower, and for a very long time.
It’s a place to live - not an ATM.
Get used to it.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.