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  1. #1
    Senior Member AirborneSapper7's Avatar
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    Economy.com: One in 10 Home Loans Under Water

    Economy.com: One in 10 Home Loans Under Water

    MoneyNews
    Friday, Feb. 22, 2008
    NEW YORK -- One-tenth of U.S. homeowners hold mortgages that are larger than the worth of their homes, Moody's Economy.com said Friday.

    Nearly 8.8 million homeowners, or 10.3 percent, are in over their heads, its chief economist, Mark Zandi, estimates.

    As a result, millions of U.S. homeowners have the incentive to abandon their properties.

    With an already unwieldy supply of homes for sale, more inventory could prolong a recovery of the hard-hit U.S. housing sector, suffering one of the worst downturns in history.

    Zandi earlier this week told Reuters he expects home prices to drop by 20 percent from their peak in 2006.

    He expects home sales to hit bottom this spring, housing starts to reach a nadir this summer and house prices to trough in the spring of 2009.

    The surge in foreclosures is putting further downward pressure on the housing market because it adds to the inventory of homes for sale, already at a lofty level.

    Each foreclosure on a neighborhood block reduces the value of all homes on that block by almost 1.5 percent, Zandi said.

    http://moneynews.newsmax.com/money/arch ... 141644.cfm
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  2. #2

    Join Date
    Jan 1970
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    First the government warns the lenders about discrimination to knowing high risk people whether they happen to be monority, a women,handicapped,religion,immigrant and about anything that 80% of the population fit into.Then they punish the lender when these people do not pay the loan. Think of it this way -a someone comes in and wants to borrow a 1000$ from you-you look at thier history and they have never paid anyone back before.He then reminds you if you do not loan him the 1000$,he knows a lawyer that will take you to court for discrimination.I know there are lenders who are bad,but I do not lump them all together as evil like the democrat canidates for president do.

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