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Nearly 1 in 6 Home Owners 'UNDER WATER' on their mortgages
online.wsj.com — The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, raising the possibility of a rise in defaults -- the very misfortune that touched off the credit crisis last year. Which isn't fair of course, because home prices are supposed to always go up.
edstate- 33 diggs
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- edstate, on 10/08/2008, -0/+4And one of the main reasons politicians are even paying attention to this is they are losing property tax revenues BIG TIME. In many cases, revenues they have already "spent".
Get ready for another huge interference in the market. Weee! - sconnor, on 10/08/2008, -0/+3GOOD!!!
- tasine, on 10/08/2008, -0/+4I couldn't care less. Most are in that situation because they thought they were getting something for nothing OR they refused to be conservative in their financial matters. Greed, greed, greed. Greed of the buyers, greed of the lenders, greed of the liberal government people pushing for this abscess of a bill CRA as well as then continuing to push the banks ever nearer to the cliff. In my opinion, it was seditious behavior and many many people should lose their freedoms over this. Maybe they're all too dumb, but if that is the case, the people who elected them should share their cells. I'm sick and tired of this fiasco - and I don't believe there is really much of a problem, certainly not an unusual problem. I'm awfully close to rebelling and not paying taxes.
- mcraigw, on 10/08/2008, -1/+1Many people are trusting of authority figures like doctors, insurance salesmen, and bankers. I personally don't know anyone that is defaulting on a mortgage. The people that are though, are often simply the victims of their banker or mortgage broker, and their own ignorance. Unfortunately, since bankers were encouraged by our government to give loans to the inner-city underprivileged, and did not have any kind of regulations, they made bad loans which is making their companies fail -- except that they will not fail, you and I, and our children and grandchildren will pay the bill through our taxes, allowing bad business practices to continue, and bad business and bad lending practices to thrive.
Financial institutions lobbied for and got deregulation from our government -- they want to be privatized when they are making profit, but be public when it comes to losses, and presently both the Democrats and Republicans are supporting the bail out. I'm very disappointed.
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