Half of US Homeowners UnderWater by 2011
“NEW YORK (Reuters) – The percentage of U.S. homeowners who owe more than their house is worth will nearly double to 48 percent in 2011 from 26 percent at the end of March, portending another blow to the housing market, Deutsche Bank said on Wednesday. “Home price declines will have their biggest impact on prime “conforming” loans that meet underwriting and size guidelines of Fannie Mae and Freddie Mac, the bank said in a report. Read More
One clue to predicting further declines in home values may be an insight into the “Shadow Inventory” of homes currently in default. To learn more about the Hidden Truths, CLICK HERE. Very interesting, short article.
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The consumer is under water and needs a life raft. The consumer has to save every penny they can. (We’re all consumers) They are no longer willing to mortgage 6% to buy and sell their homes. They should not have to either….but the tide is quickly changing and more “blue chip” companies are moving towards a fee for service or flat rate real estate platform.