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Negative equity beginning to drain away

By tvgnus   Follow   Wed, 12 Sep 2012, 8:25am   1,035 views   7 comments
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http://www.centralvalleybusinesstimes.com/stories/001/?ID=21869

More than one out of five (22.3 percent or 10.8 million) homes in the U.S. with a mortgage were in negative equity at the end of the second quarter of 2012, according to a new report Wednesday from financial information company CoreLogic Inc. (NYSE: CLGX) of Santa Ana.

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1. Raw Follow Befriend 10 threads 694 comments

   1   10:00am Wed 12 Sep 2012   Share   Quote   Permalink   Like   Dislike   Darrell In Phoenix says 10.8 MILLION? Expect this to double or more as prices continue to slide. What needs to happen before the housing market really turns around in you opinion?

2. FunTime Follow Befriend (3) 38 threads 801 comments San Francisco, CA

   2   3:22pm Wed 12 Sep 2012   Share   Quote   Permalink   Like   Dislike   Is this because they're allowing short sales with forgiven losses?A friend just did that one. About $35k less than mortgage. Forgiven. Second mortgage. Forgiven.

3. PockyClipsNow Follow Befriend 19 threads 1,534 comments Los Angeles, CA

   3   3:25pm Wed 12 Sep 2012   Share   Quote   Permalink   Like   Dislike   Yeah all the old rules are thrown out. underwater refi for everyone now. loan mod with principal reduction is very common now (if you can line up the dots on the paperwork correctly). Plus they will put 1/3rd of the remaining balance on the end of the loan and not base payments on it AND give you a 2% rate -with no refi fee- AND that is after making zero payments for 3 years. This is common now, I wish i was kidding.

4. robertoaribas Follow Befriend (23) 55 threads 3,790 comments Scottsdale, AZ robertoaribas's website

   4   5:51pm Wed 12 Sep 2012   Share   Quote   Permalink   Like   Dislike (1)   Raw says Darrell In Phoenix says 10.8 MILLION? Expect this to double or more as prices continue to slide. What needs to happen before the housing market really turns around in you opinion? dipstick darrel is a troll. his opinion about real estate is worthless, the only opinion you should ask him, is how is it living in his mother's basement at his age.

5. 37108605 Follow Befriend 1 threads 1,055 comments

   5   4:43am Thu 13 Sep 2012   Share   Quote   Permalink   Like   Dislike   tvgnus says 10.8 million) homes in the U.S. with a mortgage were in negative equity at the end of the second quarter of 2012, Shall I pull out a violin? Or is there more?

6. 37108605 Follow Befriend 1 threads 1,055 comments

   6   4:45am Thu 13 Sep 2012   Share   Quote   Permalink   Like (1)   Dislike   robertoaribas says Raw says Darrell In Phoenix says 10.8 MILLION? Expect this to double or more as prices continue to slide. What needs to happen before the housing market really turns around in you opinion? dipstick darrel is a troll. his opinion about real estate is worthless, the only opinion you should ask him, is how is it living in his mother's basement at his age. Oh, yes how educated and adult you aren't. You best stop lookng in the mirror.

7. joshuatrio Follow Befriend 41 threads 703 comments Monterey, CA

   7   8:11am Thu 13 Sep 2012   Share   Quote   Permalink   Like (1)   Dislike   Funny how this comes up. All three of my family members are way under water - to the tune of 25-50%. They never actually acknowledged being upside down until this year. Not sure what this means, or where it would fall into this chart: Last year they were in denial for sure, maybe fear this year (now that they talk about it openly and with nervousness), but definitely not despair... yet. In any case, it's nice to not worry about your house falling off a cliff and to not have any debt. Being mobile to take any job is a perk as well.