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With all the lay offs there will be a new group of home owners facing foreclosure who are almost impossible to be helped, due to not having an income anymore.
So the next wave of foreclosure is about to come in the next couple of months.
This will make it impossible to move around in the next future, for the people who want to move to a different kind of house and aren't in financial problems....just because they can only sell their house with a loss, and the people who aren't in financial trouble right now are too smart to do it, but they are stuck in their homes.
With all the lay offs there will be a new group of home owners facing foreclosure who are almost impossible to be helped, due to not having an income anymore.
So the next wave of foreclosure is about to come in the next couple of months.
This will make it impossible to move around in the next future, for the people who want to move to a different kind of house and aren't in financial problems....just because they can only sell their house with a loss, and the people who aren't in financial trouble right now are too smart to do it, but they are stuck in their homes.
Bentlebee, you are leaving out a humungous amount of homeowners who bought there house many years ago and can still sell it at a nice profit. Not EVERYONE is underwater, ya know?
Also, there are areas in the country that are very desirable (location) and are affected less than other areas.
I do agree w/your point, however not everyone is in the same boat.....
Bentlebee, you are leaving out a humungous amount of homeowners who bought there house many years ago and can still sell it at a nice profit. Not EVERYONE is underwater, ya know?
Also, there are areas in the country that are very desirable (location) and are affected less than other areas.
I do agree w/your point, however not everyone is in the same boat.....
1 in 6 Homeowners Underwater on Their Mortgage - Originator Times (http://originatortimes.com/content/templates/standard.aspx?articleid=3623&zoneid=5 - broken link)
Just 1 in 6. Some articles suggest 1 in 5 now.
And then you have the shadow listings on top of that....
If those numbers are true, they'll just have to stay put for a while. It doesn't mean they are all desperate sellers. Heck, I bet most of them don't even have an interest in selling right now anyway. And 5 of 6 people have equity in their home. Just trying to keep a little perspective.
Everything I hear I think Bentlebee's guess is right.
Sure, many people bought years ago before prices went up. Unfortunately, most of these people either got HELOC's or cash out refi during the boom to "use" the paper profit that the "earned".
If those numbers are true, they'll just have to stay put for a while. It doesn't mean they are all desperate sellers. Heck, I bet most of them don't even have an interest in selling right now anyway. And 5 of 6 people have equity in their home. Just trying to keep a little perspective.
1 in 5 is a TON! Think about it. Assuming in the PAST people put 20% down on their home purchase. That should make close to 100% of people with equity before these exotic loans came popular. Now only 80% of people have equity? And that doesn't factor in costs to SELL which I am sure puts more people upside.
If those numbers are true, they'll just have to stay put for a while. It doesn't mean they are all desperate sellers. Heck, I bet most of them don't even have an interest in selling right now anyway. And 5 of 6 people have equity in their home. Just trying to keep a little perspective.
Oh, but what fun is that (keeping a little perspective), Brandon? Doesn't draw people to websites, doesn't sell newspapers, it's just BORING!
1 in 5 is a TON! Think about it. Assuming in the PAST people put 20% down on their home purchase. That should make close to 100% of people with equity before these exotic loans came popular. Now only 80% of people have equity? And that doesn't factor in costs to SELL which I am sure puts more people upside.
Mess.
Mostly a mess that they made for themselves. No sympathy from me in those cases. As far as getting laid off...this is the United States of America, people! If you can't find a job HERE of all places, that's pretty pathetic. There is always work to be had, especially blue collar work. Get off your butts and go find it.
Everything I hear I think Bentlebee's guess is right.
Sure, many people bought years ago before prices went up. Unfortunately, most of these people either got HELOC's or cash out refi during the boom to "use" the paper profit that the "earned".
Listen, it is a large amount of people, but again, some perspective.
80% of people roughly are not underwater.
MOST people pay their mortgages on time and are not in trouble of losing their house.
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