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Seattle Bubble Forum Archive • View topic - 8.8 million homeowners under-water

8.8 million homeowners under-water

Myth propagated by bitter ignorant renters, or statistical reality ignored by real estate professionals?

Moderators: synthetik, The Tim, Lake Hills Renter

8.8 million homeowners under-water

Postby sniglet » Thu Feb 21, 2008 9:57 pm

This article claims that about 10.3% of US homeowners (about 8.8 million) have homes that are worth less than the value of the mortgage. That's double the number of a year ago.

If the number of homes under-water can rise so rapidly with the slight decline we've seen in prices so far, I wonder what will happen when price depreciation really kicks in. Any guesses on what percentage of under-water home-owners will walk away?

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Re: 8.8 million homeowners under-water

Postby Alan » Fri Feb 22, 2008 11:41 am

Nearly all of them. People who bought into the fad of "real estate always goes up" will buy into the fad of "walk away from your losses because you can."
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Re: 8.8 million homeowners under-water

Postby rose-colored-coolaid » Fri Feb 22, 2008 3:39 pm

Most of the homeowners I know fall under two very broad categories.

1. Those who owe less on the house today than they did when they first bought it.
2. Those who owe more.

In category #1, are all the retirees who have paid off their home, which I think is most of the Depression/WWII generation. Also, in that category are a number of people from the baby boomer and gen x/y generations. The thing is that the younger you get, the lower the percentage in group 1 and the higher in group 2. Many of the people I know in their 40s owe more on their house today than they did 15 years ago.

I would guess that few members of group 1 are at risk of negative equity, and that a very large percentage of group 2 are.
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