NEW YORK (CNNMoney.com) -- At least 7.5 million Americans owe more on their mortgages than their homes are currently worth, according to a real estate research firm's report released Friday.
In other words: If they sold their homes today, they'd have to bring a check to the closing. Ouch.
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Lulamae
Wealthy Hobo
In my dad's words, "This is the time to buy another summer home, how's Charleston sound?"
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liv21
Dairy Product Addict
Yep, my friend's dad wants to buy a 1.2 million dollar house because he can get it for a lot less than that. And he says that once the economy comes back, he'd sell it and make a profit.
This is how the rich get richer.
------- Too blunt your knife to slay this dreamer -The Gathering, A Life All Mine
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Catacomb
Dairy Product Addict Patron
global warming AND financial crisis?
------- Died in 1937
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hI jAMES
Just tell me it's OK to die Sustainer Support Leader Tech Support Leader
Yep, my friend's dad wants to buy a 1.2 million dollar house because he can get it for a lot less than that. And he says that once the economy comes back, he'd sell it and make a profit.
This is how the rich get richer.
Capitalism is so grand, isn't it?
------- And I'm the Devil. Now kindly undo these straps.
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scalywag66
Connoisseur
Perfect example of what happens when you get unknowldegable dummies driving the housing market. I tell you, the realtors are very much to blame. Most are blathering idiots and none I met understood the economic ramifications of what they were allowing to happen when they pumped home prices up. Granted, somebody could give the supply/demand arguement but tell me that 10%+ appreciation didn't strike some realtors as odd and unsustainable.
As for buying houses. Yes, it is a great time to buy.......if you can come up with at least 10% down and prolly closer to 20% on a non owner occupied house. 100% is gone and will be gone for at least 5 years. As well as HELOCS and other equity instruments.
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NEW YORK (CNNMoney.com) -- At least 7.5 million Americans owe more on their mortgages than their homes are currently worth, according to a real estate research firm's report released Friday. 
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