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  LiveWire / Teen Forums / World News & Current Events / Viewing Topic

7.5 Million Homeowners Underwater
Replies: 5Last Post Oct. 31, 2008 7:21am by scalywag66
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( Micus )


Like hell you will

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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.

In other words: If they sold their homes today, they'd have to bring a check to the closing. Ouch.


http://money.cnn.com/2008/10/30/real_estate/underwater_borrowers/index.htm?cnn=yes

Damn.

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6:27 am on Oct. 31, 2008 | Joined: Oct. 2004 | Days Active: 1,228
Join to learn more about Micus Connecticut, United States | Gay Male | Posts: 20,712 | Points: 35,071
Lulamae

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In my dad's words, "This is the time to buy another summer home, how's Charleston sound?"

6:31 am on Oct. 31, 2008 | Joined: April 2008 | Days Active: 156
Join to learn more about Lulamae Germany | Bi-curious Female | Posts: 3,872 | Points: 5,501
liv21


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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.

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6:36 am on Oct. 31, 2008 | Joined: Sep. 2008 | Days Active: 79
Join to learn more about liv21 Pennsylvania, United States | Straight Female | Posts: 1,346 | Points: 2,263
Catacomb


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global warming AND financial crisis?

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Died in 1937

6:38 am on Oct. 31, 2008 | Joined: Sep. 2008 | Days Active: 186
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jamesish


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Quote: from liv21 at 9:36 am on Oct. 31, 2008

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?

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6:51 am on Oct. 31, 2008 | Joined: Jan. 2008 | Days Active: 408
Join to learn more about jamesish South Carolina, United States | Male | Posts: 21,606 | Points: 34,769
scalywag66


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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.


7:21 am on Oct. 31, 2008 | Joined: Jan. 2008 | Days Active: 267
Join to learn more about scalywag66 Illinois, United States | Straight Male | Posts: 1,894 | Points: 4,614
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